May 3, 2018 / 3:54 PM / 2 months ago

France's EDF buys Scottish offshore wind project

(The May 3 story corrects unit in paragraph 5 to MWh from MW/hour)

FILE PHOTO: CEO of EDF Energy, Simone Rossi poses for a portrait following a news conference near the Hinkley Point C nuclear power station at Cannington in southwest England, January 17, 2018. REUTERS/Toby Melville

By Susanna Twidale

LONDON (Reuters) - France’s EDF has bought a 450 megawatt (MW) wind farm project off the coast of Scotland from Mainstream Renewable Power, the companies said on Thursday.

The Neart na Gaoithe project, expected to start generating power in 2023, is estimated to cost about 1.8 billion pounds ($2.4 billion) to build, and will be capable of providing enough electricity to power around 375,000 homes a year.

“This is evidence of our continuing investment and growth in Scotland, where we are the largest generator of low carbon energy,” said Simone Rossi, CEO of EDF’s British arm EDF Energy.

No financial details of the deal were disclosed, but industry experts have said the deal could be worth about 500 million euros ($598 million).

The project has secured a subsidy from Britain’s government for the electricity it will produce, with a minimum guaranteed price of about 114 pounds per MWh, for 15 years, more than double current British wholesale electricity prices.

Reporting by Susanna Twidale; Editing by Edmund Blair

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