Shepherd & Wedderburn has signed off on a major power purchase agreement (PPA) for ScottishPower, winning the instruction on the back of senior associate Graeme Moffett’s secondment to the company.
Moffett, who spent three months with ScottishPower over the summer, began the project during his placement, completing it after returning to the Glasgow office of Shepherd & Wedderburn.
As part of the deal ScottishPower has agreed to buy the power generated in the UK by a windfarm portfolio owned by Iberdrola Renovables over a 20-year period. Iberdrola Renovables, ScottishPower’s Spanish parent, was advised by McGrigors energy and infrastructure partner Euan McVicar.
Moffett said: “This is one of the largest PPAs in terms of capacity in the UK this year, and involves an extensive portfolio of windfarms across the UK owned by Iberdrola Renovables.
“Under the agreement ScottishPower has agreed to purchase the majority of the electricity that will be generated by the portfolio, which will include wave power as well. ScottishPower will take that and supply it to its customers.”
Moffett said the deal was interesting as PPAs generally deal with just one windfarm while this agreement centres on a potentially unlimited number.
“There is a large portfolio going in and it can be added to in the future as Iberdrola Renovables builds more wind farms,” he added.
He added that ScottishPower will be able to use the power generated via the scheme to satisfy its renewable obligation, a government requirement to generate specific percentages of power from renewable sources.