The financial close for the Inch Cape offshore wind farm, developed by ESB and Red Rock Renewables as equal joint owners, has been reached, raising more than $4.3 billion in funding.
The 1,080 MW offshore wind farm, located in the North Sea 15 kilometres off the Scottish Angus coast, will now progress into its offshore construction phase.
Inch Cape will be the first UK project to use Vestas 15.0 MW turbines and, once operational, will generate almost 5 terawatt hours (TWh) of energy each year.
It will comprise 72 turbines on a mix of monopile and jacket foundations, a single offshore substation platform and two 85 km AC export cables delivering power to an onshore substation under construction at Cockenzie, East Lothian.
Terms for the project financing, which includes transmission asset costs, have now been reached with lenders comprising 22 banks.
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.
“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,” said Paul Lennon, Head of Offshore Wind, Hydrogen and Long-Term Storage at ESB.
Construction of the onshore substation and early landfall works are now underway in Cockenzie, East Lothian, and the offshore substation jacket foundation and offshore platform are nearing completion at Smulders, Wallsend.
Offshore construction is due to begin in the second quarter 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 Offshore Wind Farm is owned by Inch Cape Offshore Wind Limited, an equal joint venture between ESB and Red Rock Renewables.
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