The 1.1GW Inch Cape Offshore Wind Farm project has reached financial close, securing over £3.5 billion in funding. Located in the North Sea, 15 kilometres off the Angus coast, the 1,080MW wind farm is now set to move into its offshore construction phase. The funding, which includes transmission asset costs, was agreed with a consortium of 22 banks.
The project will utilise Vestas 15.0 MW turbines, with a total of 72 turbines supported by monopile and jacket foundations. Once operational, it is expected to generate nearly 5 terawatt hours (TWh) of energy annually. Key infrastructure includes a single offshore substation platform and two 85-kilometre alternating current (AC) export cables connecting to an onshore substation currently under construction at Cockenzie, East Lothian.
Onshore substation construction and early landfall works are already underway in Cockenzie. Offshore construction is scheduled to begin in the second quarter of 2025 with the installation of export cables, followed by the offshore platform. The project aims to achieve first power generation by late 2026, with commercial operation commencing in 2027.
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. Inch Cape Offshore Wind Farm is jointly owned by ESB and Red Rock Renewables through their joint venture, Inch Cape Offshore Wind Limited.
K2 Management (K2M) has acted as the Lender’s Technical Adviser (LTA), providing due diligence services to the lending consortium financing the offshore wind farm.
