Under the terms of the agreement, EDPR will buy Repsol's 33% stake in the 1.1GW Moray Firth offshore project. In return, Repsol will acquire the 49% stake owned by EDPR in the 784MW Inch Cape project. This will mean the two Madrid-based energy companies will fully own one whole project each.
The deal is still awaiting approval by the UK's Crown Estate, which is responsible for the seabed.
The Inch Cape project is located 15 kilometres off the Angus coast, eastern Scotland. It was approved by the Scottish government in October 2014.
Moray Firth, which will be 22 kilometres off the Scottish coast, was approved by the Scottish government in March 2014. According to Windpower Intelligence, the data division of Windpower Monthly, the project is estimated to be online by 2020.
Repsol, with interests in oil and gas, is also developing the 664MW Beatrice project off the coast of Scotland with SSE. The project was awarded a final investment decision-enabling contract for difference in April 2014.