The developers of the Inch Cape offshore wind farm have confirmed the completion of a fundraising deal bringing in more than £3.5 billion.
Inch Cape’s head of revenues and stakeholder relations Rosemary Kennedy had teased that financial close was imminent last week at the Offshore Wind Conference 2025.
Now, Irish energy firm ESB and Chinese-owned Red Rock Renewables, based in Edinburgh, reached terms for project financing with lenders comprising 22 commercial banks.
Head of offshore wind, hydrogen and long-term storage at ESB Paul Lennon said: “Reaching this major milestone of financial close is a significant achievement for ESB, Red Rock Renewables and the whole project team. It is testament to the resilience, expertise and capability of the project team, project partners and both shareholders.
“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 make a significant contribution to the UK climate goals, while creating local jobs.”
The two developers will now progress to the 1,080MW project’s offshore construction phase, with work to take place 9.3 miles (15km) off the Angus coast.
Construction of the onshore substation and early landfall works are currently underway in Cockenzie, East Lothian, and the offshore substation jacket foundation and offshore platform are nearing completion at Smulders, Wallsend.
Inch Cape previously struck a deal to use Vestas 15MW turbines, making it the first UK project to use them.
In total, it will site 72 turbines on a mix of monopile and jacket foundations, along with a single offshore substation platform and two 52-mile (85km) AC export cables delivering power to the onshore substation.
Forth Ports will handle much of the marshalling and logistics for the project, with the Port of Leith handling monopile and jacket foundations, and the Port of Dundee providing pre-assembly for the turbine blades, towers and nacelles.
Inch Cape will also use the Port of Montrose as its construction base.
The monopiles will be provided by China’s Dajin Offshore Heavy Industry and Guangzhou Wenchong Shipyard Heavy Industry (GWSHI), with CFHI (COOEC Fluor), a US-Chinese joint venture, providing the jacket foundations.
CWHI will also work with CFHI to provide the transition pieces.
Jan de Nul will install the monopiles and transition pieces, Seaway 7 will handle the jackets, and Cadeler has been signed up for turbine installation work.
Offshore construction is due to begin in the second quarter of 2025 with the start of installation of the export cables and followed by the installation of the offshore platform.
First power is expected in late-2026 and with commercial operation date in 2027.
Inch Cape has, to-date, spent almost £300 million with more than 300 UK companies including environmental, technical and engineering design consultancies, civil and structural engineers, survey contractors and project management support.
Red Rock Renewables CEO Xiaomeng Chen 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.”
Recommended for you
