The financial close for the Inch Cape offshore wind farm, developed by ESB and Red Rock Renewables as equal joint owners, has been reached, raising more than $4…
The financial close for the Inch Cape offshore wind farm, developed by ESB and Red Rock Renewables as equal joint owners, has been reached, raising more than $4.3 billion in funding.
The 1,080 MW offshore wind farm, located in the North Sea 15 kilometres off the Scottish Angus coast, will now progress into its offshore construction phase.
Inch Cape will be the first UK project to use Vestas 15.0 MW turbines and, once operational, will generate almost 5 terawatt hours (TWh) of energy each year.
It will comprise 72 turbines on a mix of monopile and jacket foundations, a single offshore substation platform and two 85 km AC export cables delivering power to an onshore substation under construction at Cockenzie, East Lothian.
Terms for the $4.3 billion, which includes transmission asset costs, have now been reached with lenders comprising 22 banks.
Inch Cape was first awarded planning consent in 2014 but since then has evolved to incorporate the latest technology and design.
It has a 50-year lease with Crown Estate Scotland and has secured 15-year contracts with the Low Carbon Contracts Company (LCCC) through the UK Government’s Contract for Difference (CfD) auctions of 2022 and 2024.
“Offshore wind will play a
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