EDF Energy looks set to make Mitsubishi Corporation an equity partner at its planned £2 billion wind farm project off Scotland’s east coast.
New documents released yesterday show Japan’s largest trading company is now a substantial equity partner on the Neart Na Gaoithe (NnG) Offshore Wind Farm.
But French energy firm EDF denied that the 450 megawatt (MW) wind project had been snapped up by Mitsubishi.
EDF’s proposed NnG project in the Firth of Forth is currently under the ownership of the French firm’s subsidiary, EDF Renewables.
However, a new Companies House filing lists the Japanese firm as having “significant control” and holding 75% or more shares in Neart Na Gaoithe Offshore Wind Limited, the UK-registered entity set up to develop the wind farm.
EDF had held significant control since May 2018, following its acquisition of NnG from Mainstream Renewable Power.
Last night, EDF insisted a takeover was not under way.
A spokeswoman for the firm claimed the NnG project “is still 100% owned by EDF”, adding that the firm was unable to comment further on the situation “until financial close has been reached”.
Mitsubishi owns a 33% stake in the 100-turbine Moray East Offshore Wind Farm in the Outer Moray Firth through subsidiary Diamond Green Limited (DGE).
It also owns a 50% stake in the 91-turbine Race Bank wind farm off the coast of Norfolk with Danish firm Orsted.
This week Mitsubishi outbid Shell for Dutch energy firm Eneco, which operates two Aberdeenshire onshore wind projects.
Irish state-owned firm ESB has also been strongly linked with a move to acquire a 50% stake in the NnG project.
A spokesman for ESB said last night he “couldn’t comment” on any prospective deal.
EDF has long been rumoured to be floating a substantial stake in the NnG offshore wind farm – understood to be around 49%.
Located off Scotland’s east coast, the wind farm was awarded a Contract for Difference (CfD) in 2015 and will look to generate enough energy to power 375,000.
The development is planned for completion in 2023.
Mitsubishi Corporation has been contacted for comment.
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