The Inch Cape Offshore Wind Farm, a flagship Scottish renewable energy project, has reached a crucial milestone by securing £3.5 billion in funding, enabling it to progress into its offshore construction phase.
The equal joint owners ESB and Red Rock Renewables announced today that the 1,080 megawatt (MW) offshore wind farm project has reached financial close, with terms finalised for project financing, including transmission asset costs, from a consortium of 22 commercial banks.
Located in the North Sea 15 kilometres off the Angus coast, the 1,080 MW Inch Cape project will be the first UK wind farm to utilise Vestas 15.0 MW turbines. Once operational, it is expected to generate almost 5 terawatt hours (TWh) of energy annually.
The wind farm 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.
Paul Lennon, head of offshore wind, hydrogen and long-term storage at ESB, emphasised the significance of this achievement. He commented:
“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 project is not only a technological marvel but also a significant economic driver. To date, Inch Cape has invested 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.
Inch Cape project director John Hill expressed pride in the team’s accomplishment: “I am very proud for the project team – 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.”
The project timeline indicates that offshore construction is set to begin in Q2 2025, starting with the installation of export cables and the offshore platform.
First power is anticipated in late 2026, with full commercial operations expected to commence in 2027.
