Barclays has provided a significant boost to the Moray West offshore wind farm project in Scotland, by offering a loan of £95.5 million.
The wind farm, operated by Ocean Winds, aims to supply nearly half of Scotland’s electricity needs, powering up to 1.33 million households.
The loan is part of a larger syndicated £2 billion injection, ensuring financial stability for the project.
With the loan secured, the project can progress to the next stage, which includes supply chain activities and the commencement of installation works later this year.
Adam Morrison, Project Director at Moray West, said: “The support of Barclays has contributed to Moray West reaching financial closure. This means we are now on track to commence the next phase of the project which will see the installation of the wind farm in late 2023.”
Jamie Grant, Managing Director of Barclays Corporate Banking in Scotland, added: “Barclays expertise and sophisticated approach to the financing of such a major development in Scotland’s green economy reinforces our ability to support key clients in the renewables sector which look to innovate with revenue offtake strategies.”
