One of Europe’s biggest energy providers has started to take the electrical output from its now completed floating wind farm near Kincardine.
Statkraft will purchase all electrical output from the six turbine project. It is expected to generate more than 200,000 MegaWatt hours (MWh) per year – enough to power around 50,000 homes.
The completed installation marks the start of the long-term Power Purchase Agreement (PPA) signed in 2018 between Statkraft and Kincardine Offshore Windfarm (KOWL).
Statkraft will purchase all electrical output from the floating wind project with a guaranteed minimum price per MWh until 2029.
Since 2006, Statkraft has invested close to £1.5bn in the UK’s renewable energy infrastructure and facilitated more than six GigaWatts (GW) of new-build renewable energy generation through PPAs.
A PPA is a contract between an energy generator and a buyer.
Jaime Altolaguirre, managing director at Cobra Group – major shareholder in KOWL – stated: “We wanted a counterparty who had offshore wind experience in the UK and a track record with UK law firms, funders and investors.
“Statkraft, as Europe’s largest supplier of renewable energy, stood out due to their own large-scale investment and operational experience in this region.”
John Puddephatt, manager for long term PPA origination at Statkraft, added: “This is the first floating project that Statkraft has been involved in and we expect more to follow; a key technology that could help countries around the world achieve their renewable energy targets.
“PPAs such as these play a key role in providing project owners with financial predictability and security therefore helping enable long term investment and financing.”
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