The Inch Cape offshore wind farm, a joint venture between ESB and Red Rock Renewables, has reached financial close by securing more than £3.5bn ($4.3bn) in funding.
The funding will support the advancement of the 1.08GW project, situated 15km offshore Angus in the North Sea, into its offshore construction phase.
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Financing terms for the project, encompassing transmission asset costs, have been finalised with a consortium of 22 commercial banks.
The Inch Cape offshore wind farm will feature 72 Vestas 15.0 MW turbines and generate 5 terawatt hours of energy annually.
The project includes infrastructure such as monopile and jacket foundations, a single offshore substation platform and two 85km alternating current export cables.
It will contribute to the UK’s energy security and emissions reduction goals, and provide economic benefits through local supplier engagement.
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By GlobalDataInch Cape has spent close to £300m with more than 300 UK businesses across various sectors.
ESB offshore wind, hydrogen and long-term storage head Paul Lennon stated: “Reaching this major milestone of financial close is a significant achievement for ESB, Red Rock Renewables and the whole project team.
“Offshore wind will play a key part in the delivery of ESB’s net zero strategy by 2040 and Inch Cape is an important step along that journey. We look forward to entering the main construction phase and safely delivering this project over the coming years. Inch Cape will significantly contribute to the UK climate goals while creating local jobs.”
The project received initial planning consent in 2014. It holds a 50-year lease with Crown Estate Scotland and has secured 15-year contracts with the Low Carbon Contracts Company through the UK government’s contract for difference auctions.
Onshore substation construction and early landfall works have commenced in Cockenzie, East Lothian with the offshore substation jacket foundation and platform nearing completion at Smulders in Wallsend.
Offshore construction will begin in the second quarter of 2025 with the installation of the export cable, followed by the offshore platform.
The project will generate its first power in late 2026 and reach commercial operation in 2027.
Inch Cape project director John Hill stated: “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.”
