EDP Renovaveis SA (ELI:EDPR) announced on Friday that its UK-based unit has formally sold a 10% stake in the 950-MW Moray Offshore Windfarm East Ltd (MOWEL) offshore wind project.

EDPR sold the minority stake to China Three Gorges Europe SA (CTG Europe), a unit of China Three Gorges (CTG). The deal is valued at GBP 35 million (USD 44.45m/EUR 38.85m).

EDPR stated that it now holds a 33.3% stake in MOWEL, while Diamond Generating Europe, a subsidiary of Japan's Mitsubishi Corp (TOKYO:8058), controls 33.4%, France’s Engie SA (EPA:ENGI) has 23.3% and CTG the remaining 10%.

Mitsubishi previously announced that it had divested a 30% stake in Diamond Green Ltd to Kansai Electric Power Co Inc (TYO:9503) and an additional 20% to Mitsubishi UFJ Lease & Finance Co Ltd (TYO:8593). Diamond Green serves as Mitsubishi’s executing arm for the Moray East project.

Scheduled to be completed by 2022, MOWEL has a 15-year contract for difference (CfD) granted in September 2017 by the UK’s Department for Business, Energy & Industrial Strategy (BEIS) at a 2012 based tariff of GBP 57.5 per MWh.

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