1) Is the headline £700 million a one-off or total option fee, or is this an annual fee? If it is an annual fee, what is the expected number of years of payment and is this number capped? (The reason I ask this is that the English and Welsh deposits that have been posted are described as one years worth of option fees, and I believe the number of years is capped at 10 - so I wanted to double check what the arrangements in Scotland were as nothing specific was listed in the PR).
2) After the windfarms are in operation, have terms been agreed for revenue sharing or other types of payment? If so what are they? (Again, I've seen for England and Wales, 2% of revenues quoted, but saw nothing for Scotland but wasn't sure if that was because things hadn't been agreed yet, or it was just omitted from the PR).
This information can be found in our Leasing Launch Summary, Table 1, page 4.
For clarity, I have answered below:
The £700m is the total expected from the 17 option agreements currently being offered to successful applicants.
Rent will be payable quarterly based on the offshore wind farm output at a rate of £1.07/MWh indexed to CPI.