Moray East
Located in the Outer Moray Firth. Scotland's then-largest offshore wind farm.
Status
Operationallifecycle stage
Ownership
Location
United KingdomNorth Sea
Technology
Capacity
950 MW ◆
Turbines
100 × 9.5 MW ◆
Model
Mhi Vestas V164 9-5 ◆
Foundation
Jacket ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
Crown Estate Round 3 · 2010 ·
Water depth
37–57 m ◆
Distance from shore
22 km ◆
Wind speed
10.4 m/s @ 150 m ≈
Revenue & grid
Offtake
CfD · AR2 ◆
Grid
Connected ◆
Connection
Grid connection secured. New Deer 275kV substation (upgraded to … ◆
Schedule
FID
2018 ◆
COD
2022-Q2 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2010-01
Crown Estate Round 3
- Awarded to
- Moray Offshore Renewables (EDPR 75% + SeaEnergy 25%)
- Zone
- Moray Firth zone
- Basis
- seabed award
From the auction results — the round that created the project.
Farmdown · 2017-07
EDPR → Engie 23%
- Stake
- 23%
- Consideration
- €24.0m
- Implied 100% value
- €104m
- Implied
- €0.11m / MW
- Announced
- 2017-07
- Project stage
- consented
EDPR sold 23% equity shareholding and outstanding shareholder loans in MOWEL to Engie for GBP 21m. Project had Section 36 consent (Mar 2014) but was pre-CfD — CfD award came Sep 2017 at GBP 57.50/MWh. Very low implied valuation reflects pre-CfD development risk. Originally reported GBP 21m, converted at GBP/EUR ~1.14 (2017).
Evidence
- offshoreWIND.biz — Engie to Buy 23 Percent Stake in 1.1GW Moray Offshore Wind Project ↗ 2017-07 ◆ held
From Hafrok’s transactions record
Farmdown · 2018-03
EDPR → Diamond Generating Europe (Mitsubishi) 33.4%
- Stake
- 33.4%
- Consideration
- €41.0m
- Implied 100% value
- €203m
- Implied
- €0.21m / MW
- Announced
- 2018-03
- Project stage
- pre-FID
EDPR sold 20% equity shareholding and outstanding shareholder loans in MOWEL to DGE (Mitsubishi subsidiary) for GBP 36m. Agreement included option for additional 13.4% under same terms. Project had CfD (Sep 2017) but was pre-FID (FID Jun 2018). Originally reported GBP 36m, converted at GBP/EUR ~1.13 (2018).
Evidence
From Hafrok’s transactions record
Farmdown · 2018-11
EDPR → Diamond Generating Europe (Mitsubishi) 13.4%
- Stake
- 13.4%
- Consideration
- €61.0m
- Implied 100% value
- €455m
- Implied
- €0.48m / MW
- Announced
- 2018-11
- Project stage
- pre-FID
EDPR sold additional 13.4% to DGE for GBP 54m under the option agreed in Mar 2018. DGE held stake via Diamond Green Limited (DGL), which also included Kansai Electric (30% of DGL) and Mitsubishi UFJ Lease (20% of DGL). FID taken Jun 2018; financial close achieved Dec 2018. Higher per-unit valuation than the earlier 20% tranche (GBP 36m) reflects de-risking between CfD and FID. Originally reported GBP 54m, converted at GBP/EUR ~1.13 (2018).
Evidence
- offshoreWIND.biz — EDPR Sells More Moray East Stake ↗ 2018-11 ◆ held
From Hafrok’s transactions record
Farmdown · 2018-12
EDPR → CTG (China Three Gorges) 10%
- Stake
- 10%
- Consideration
- €40.0m
- Implied 100% value
- €396m
- Implied
- €0.42m / MW
- Announced
- 2018-12
- Project stage
- FID
EDPR sold 10% equity shareholding and outstanding shareholder loans in MOWEL to China Three Gorges (Europe) S.A. for GBP 35m. Project had taken FID (Jun 2018) and achieved financial close (Dec 2018). GBP 2.6bn project finance from 16-bank syndicate plus EKF/JBIC. Originally reported GBP 35m, converted at GBP/EUR ~1.13 (2018).
Evidence
From Hafrok’s transactions record
Farmdown · 2023-10
Ocean Winds → Equitix 16.6%
- Stake
- 16.6%
- Consideration
- not disclosed
- Announced
- 2023-10
- Closed
- 2024-05
- Project stage
- operational
Ocean Winds sold 16.6% attributable stake to Equitix. Deal value not disclosed. EDP reported implied EV/MW of GBP 3.1m/MW at announcement and GBP 3.7m/MW at completion — enterprise value figures including transmission and debt, not equity-only. Full commissioning Dec 2021. Post-deal ownership: OW 40%, DGL 33.4%, Equitix 26.6%. EDP's notification gives only an estimate on an enterprise-value basis: 'Moray East implies an estimated EV/MW multiple for EDPR of £3.1m/MW (€3.6m/MW) as of commissioning date, including transmission investments' — a multiple, not a price.
Evidence
- edp.com — Ocean Winds sells minority stake in its 950 MW Moray East offshore project | edp ↗ 2023-10 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (9 Sep 2026). The teal diamond on the spine is origination — the seabed award or round that created the project. Every other ownership event lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced-COD history: 2023→2022→2022-04 · 3 recorded revisions · pulled forward -1.2 yr (first announced 2023)
Revenue & offtake contract duration and price levels · money of the day
CfD-backed offtake
● CfD · AR2
Price£57.5/MWh ·Basis2012 real · CPI-indexed
Capacity950 MWAwardedSep 2017Term15 yrs · delivery 2022/23
Money-of-the-day values computed by Hafrok from the United Kingdom CPI index, 2012 real base — actual to 2026-07, then an assumed +2.0%/yr (central-bank target). Cfd terms run 15 years from start of generation in the contracted delivery year.
Contract price over time · £/MWh
solid = actual CPI indexation · dashed = assumed +2.0%/yr
CfD · AR2
Installation how the build is going · from satellite counts and Hafrok’s registers
Satellite installation tracker
counted from satellite radar images · a structure standing in the sea on a given date, not a turbine producing power · a guide, not a sourced fact
Installation · counted from satellite
Foundations100 of 100≈100% · first seen 2019-05-21 · 2 more than the record expects — a met mast, a platform not on the register, or a survey artefact
Turbines97 of 100≈97% · first seen 2019-08-18
Latest count2023-12-26from 675 satellite passes · 1 substation platform left out so the counts compare with the turbine number · the count has ended: the build is complete
Hafrok counts foundations and turbines from satellite radar images (≈): a structure is counted once it is seen standing in the sea, which is not the same as producing power. A structure first seen in the last 60 days is not yet confirmed, because on a single image a freshly set foundation and a ship holding position look alike. Substation platforms are left out so the counts compare with the number of turbines. Rows marked with a dot (·) come from Hafrok’s own registers; a supplier or contract appears only where a source states it — everything else reads “not recorded”, never guessed.
Structures standing over time · count
strong line = confirmed · light line = seen in the last 60 days, not yet confirmed · the chart counts every structure (100 turbines + 1 platform); the table counts turbines only
foundationsturbines up (a substation top being set in place counts here too)
Satellite image
Image taken2026-09-07≈Copernicus Sentinel-1 radar satellite, southbound pass · 1 newer pass skipped because the satellite’s track only caught part of the farm (the best of them 0%)
Farm covered100%≈the whole farm lies inside the image
Structures ringed103 confirmed · 0 not yet confirmed≈as counted on 2023-12-26 · the image is newer than the count, so a bright spot without a ring may be a structure not yet counted
Construction ports
PortPort of Nigg ◇Marshalling / staging — jacket foundations + WTG pre-assembly
Contains modified Copernicus Sentinel data 2026, processed by ESA and by Microsoft Planetary Computer.
Latest satellite radar image · 2026-09-07
a radar picture, not a photograph: the sea is dark, steel is bright · black is beyond the edge of the image
confirmed structure (103)seen recently, not yet confirmed (0)probably a substation platform (a larger structure than a turbine; the register above has the facts)farm boundary
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 1
Offshore substationMoray East offshore substation platforms (3, described collectively)·66/220 kV · owner Moray Offshore Windfarm (East) Ltd at build; Transmission Capital Partners named OFTO preferred bidder
Sources & verification
16/18 fields verified · rests on 18 sources (10 primary) · ◆ 10 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Regulator4
[2]
Marine Scotland (Scottish Government Marine Directorate)2014-03◆ Section 36 Consent - Construction and Op…
“Section 36 Consent - Construction and Operation of MacColl, Stevenson and Telford Offshore Wind Farms, Moray East Offshore Wind Farm ... Decision Notice - Construction and Operation of Stevenson Offsh…”
supportsConsentCoordinates
[3]
UK Department for Business, Energy & Industrial Strategy (BEIS)2017-09-11◆ CfD Allocation Round 2 results
“Moray Offshore Windfarm (East) | Moray Offshore Windfarm (East) Limited | Offshore Wind | 950.00 [MW capacity] | 57.50 [strike price, 2012 prices] | 2022/23 [delivery year] | Scotland ... footnote 3: …”
supportsMechanismDetail
[15]
Department for Energy Security and Net Zero2026-05-06◆ Renewable Energy Planning Database (REPD…
“REPD Q1 2026 quarterly extract — Ref ID 2534: Site Name "Moray East", Development Status "Operational", Installed Capacity 950 MWelec, Operator "Diamond Green Limited, CTG & Ocean Winds"”
supportsRegister entry
[17]
Scottish Government Marine Directorate (MD-LOT)2026-08-23◆ Scottish MD-LOT marine projects register…
“Register row "Moray East Offshore Windfarm" (key ml/moray-east-offshore-windfarm): Application stage "Post-consent", type "Renewables - Wind".”
supportsRegister entry
Operator5
[1]
Ocean Winds◆ Moray East - Ocean Winds
supportsTurbinesModelUnit capacityTotal capacityDistance from shore
[4]
EDP2023-10-02
“the shareholder structure of Moray East will include OW (40%), Diamond Green Limited (33.4%), Equitix (16.6%) and China Three Gorges (10%). ... The project's final investment decision took place in Ju…”
supportsFinal investment decision
[11]
Moray Offshore Windfarm (East) Limited2019-05-24
“Moray Offshore Wind Farm (East) Limited (known as Moray East) announced that it had commenced offshore construction work on its windfarm of 100 turbines with a generating capacity of 950MW. The first …”
supportsOnshore constructionOffshore construction
[14]
Moray Offshore Windfarm (East) Limited2018-12-06◆ Moray East Wind Farm confirms financial …
“The wind farm is expected to be operational by 2022.”
supportsTotal capacity
[16]
National Energy System Operator (NESO)2026-07-21◆ NESO Transmission Entry Capacity (TEC) R…
“NESO TEC Register, edition 21 July 2026 - PRO-000533: "Moray East Offshore Wind Farm", Status "Built", MW Connected 900, Effective From n/a, Customer "MORAY OFFSHORE WINDFARM (EAST) LIMITED"”
supportsRegister entry
OEM1
[12]
Siemens2019-10-30
“The Moray East substation construction site near New Deer is approximately 205,000 m2 (20.5 hectares), with construction starting at the site in March 2019.”
supportsOnshore constructionOffshore construction
Auction results1
[18]
BEIS (gov.uk)2017-09◆ cfd-ar2-results-2017
Triton Knoll Offshore Wind Farm — Offshore Wind 860.00 MW, GBP 74.75, 2021/22; Hornsea Project 2 (Breesea Limited) — 1,386.00 MW, GBP 57.50, 2022/23; Moray Offshore Windfarm (East) — 950.00 MW, GBP 57…
supportsCfD · AR2
Trade press7
[5]
offshoreWIND.biz2021-06-07
Press report — cited, not quoted; read it at the source link.
supportsFirst powerStatusConnection point
[6]
offshoreWIND.biz2022-04-07◆ Moray East Reaches Full Output | Offshor…
Press report — cited, not quoted; read it at the source link.
supportsCommercial operationCOD history
[7]
offshoreWIND.biz2020-05-04
Press report — cited, not quoted; read it at the source link.
supportsMarshalling / staging — jacket foundations + WTG pre-assembly
[8]
Power Technology
Press report — cited, not quoted; read it at the source link.
supportsFoundation
[9]
Tethys (Pacific Northwest National Laboratory)◆ Moray East | Tethys
“Water Depth: 37-57 m.”
supportsWater depth
[10]
EDP2024-05
“Following this transaction, the shareholder structure of Moray East will include OW (40%), Diamond Green Limited (33.4%), and Equitix (26.6%).”
supportsoperatorowner
[13]