The joint owners of the Inch Cape offshore wind development, ESB and Red Rock Renewables, have announced that the Inch Cape project has achieved financial close following a multi-billion pound deal.
The proposed 1.08GW development, which is set to be located 15km off the coast of Scotland, has successfully secured £3.5 billion of finance from 22 commercial banks, enough to complete the project. Construction on the onshore substation and early landfall works are already underway, with the offshore platform almost completed ahead of offshore installation.
Offshore construction is expected to begin in the second quarter of this year with the installation of export cables and the offshore platform. The first power is set to come from the site in late 2026 ahead of a commercial operation date in 2027. The project will be the first UK project to use Vestas 15MW turbines, with 72 set to be installed once construction begins.
Inch Cape Offshore Wind Farm is owned by an equal joint venture between independent generator ESB Energy and developer and operator Red Rock Renewables. The Inch Cape project secured 15-year contracts in two separate Contracts for Difference (CfD) auction rounds, in 2022 and 2024, and is one of the sponsors of Offshore Renewable Energy (ORE) Catapult’s inaugural Launch Academy Scotland programme.
Xiaomeng Chen, Red Rock Renewables CEO, said: “Reaching financial close is a monumental milestone for Inch Cape, Red Rock and our joint venture partnership with ESB. This success is a testament to the efficient design and cutting-edge technologies employed by the project, highlighting our resilience and commitment to making it one of the largest green investments in Scotland while contributing to the UK’s net zero goals.”
Inch Cape project director John Hill added: “I am very proud for the project team – it is a great achievement to reach financial close on the Inch Cape project, which is at the forefront of technology in the offshore wind industry. The project is the largest infrastructure project currently in construction in Scotland and will deliver huge quantities of clean low-cost energy once completed in 2027.”