5 MAY 2021
Univergy is looking for a financial partner for the development of a 500MW offshore wind farm project in Scotland
The “Project Scotia Ventus” offshore wind farm project will be connected to the power grid in 2028, following a four-year development phase and two-year construction period. Univergy, will require the financial partner to provide leasing with financial coverage for more than 228 billion Pounds Sterling (GBP).
Madrid, May 5, 2021. – The Spanish-Japanese company Univergy Solar, has begun the process of searching for a financial partner and/or final client to start the 500 MW Offshore Wind Farm project (OWF), referred to as “Project Scotia Ventus,” to be installed in the Northeast of Scotland.
This project is designed to be operational and connected to the power grid by 2028, with a four-year development phase (2021-2025) and a two-year construction period (2026-2027). Based on preliminary financial analyzes made, the total investment in the development phase is estimated at GBP 28 million (EUR 32.18 million) and the construction phase is estimated at GBP 1.200 billion (EUR 1.380 billion). The initially expected return on investment would be around 8.5%.
According to Ignacio Blanco, Executive President and CEO of Univergy Solar, “Project Scotia Ventus” offshore wind farm on a 500 MW floating platform will require a financial partner and/or final client who is willing to participate alongside Univergy Solar, contributing their financial expertise together with our expertise in technology as developers and builders in clean energy.”
In addition, Blanco notes that “Univergy will collaborate with potential project partners by providing all necessary due diligence and technical and cost-effective studies, with the aim of facilitating negotiation in search of an application based on financial leasing with or without a purchase option.”
In October 2018, Univergy began developing activities to launch the “Project Scotia Ventus” and submit it to the Scottish authorities under a tender/auction procedure. Subsequently, Univergy’s network connection specialists met with a senior team from DNO SSEN (Scottish and Southern Electricity Networks) and confirmed that there is sufficient capacity at the specified point where at least 500 MW could be connected in 2028.