The 1,080-MW Inch Cape offshore wind project in Scotland, an equal joint venture between Irish utility ESB and Red Rock Renewables, has achieved financial close, securing over GBP 3.5 billion (USD 4.34bn/EUR 4.15bn) of funding.
Terms for the project financing, which includes transmission asset costs, have now been finalised with a lending group of 22 commercial banks, the project owners announced. Located in the North Sea, 15 kilometres (9.3 miles) off the Angus coast, the project will now advance to offshore construction.
Inch Cape will be the first project in the UK to deploy Vestas 15 MW turbines. Seventy two units of them will be installed on a mix of monopile and jacket foundations. The project will also include a single offshore substation platform and two 85-km AC export cables connecting to an onshore substation under construction at Cockenzie, East Lothian.
“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,” said Inch Cape project director John Hill.
First awarded planning consent in 2014, Inch Cape has evolved to incorporate the latest technology and design, the developers explain. It holds a 50-year lease with Crown Estate Scotland and has secured 15-year contracts in the UK government’s contract for difference (CfD) auctions of 2022 and 2024.
Currently, the offshore substation jacket foundation and offshore platform are nearing completion at Smulders, Wallsend. Offshore works are slated to kick off in the second quarter of 2025 with the start of installation of the export cables. First power is anticipated in late 2026.
