Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
Inch Cape Offshore Wind Farm reached financial close on 27 January 2025, raising more than GBP 3.5 billion from 22 commercial banks. The equal joint venture owners ESB and Red Rock Renewables confirmed that the 1,080 MW project, located 15 km off the Angus coast in the North Sea, would now progress into its offshore construction phase. The financing includes transmission asset costs for the offshore substation, twin 85 km 220 kV export cables and the onshore substation under construction at Cockenzie. Inch Cape had secured 15-year Contracts for Difference through UK CfD allocation rounds in 2022 and 2024 and holds a 50-year seabed lease from Crown Estate Scotland. MUFG acted as financial advisor with Linklaters as legal advisor.