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Statkraft to purchase clean energy from KOWL

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Energy Global,

The installation of the wind turbines at Kincardine, one of the world’s largest floating wind farms, is now complete. This milestone also marks the start of the long-term power purchase agreement (PPA) signed in 2018 between Statkraft and Kincardine Offshore Wind Farm Ltd (KOWL). The KOWL development will provide over 200 000 MWh/yr to the national grid, enough to power over 50 000 homes.

Statkraft will purchase all electrical output from the floating wind project with a guaranteed minimum price per MWh until 2029. This long-term route-to-market partnership with Statkraft, which is for 100% 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.

Since 2006, Statkraft has invested close to £1.5 billion in the UK's renewable energy infrastructure and facilitated over 6 GW of new-build renewable energy generation through PPAs. 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.



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