AN ABERDEEN-based renewables firm has hailed the completion of what is claimed to be the world’s largest floating windfarm.
Kincardine Offshore Windfarm Ltd (KOWL) said the milestone also marks the start of the long-term Power Purchase Agreement (PPA) signed in 2018 with Oslo-based Statkraft, which will purchase the electrical output from the floating wind project with a guaranteed minimum price per MWh until 2029.
It said the long-term route-to-market partnership with Statkraft, which is for 100 per cent of the electricity generated by the project, has been set up with pre-agreed terms for the full duration, reducing the financial risk to its investors.
Statkraft has invested close to £1.5 billion in the UK’s renewable energy infrastructure and facilitated over six GW of new-build renewable energy generation through PPAs since 2006. A PPA is a contract between an energy generator and a buyer, and Statkraft is a leading provider of both short- and long-term PPAs, with over 10 years’ experience in the UK market.