Inch Cape Offshore Wind Farm Secures £3.5 Billion Financing

The Inch Cape Offshore Wind Farm, a joint venture between ESB and Red Rock Renewables, has successfully reached financial close, securing more than £3.5 billion from a consortium of 22 banks. This landmark 1,080 MW project, located 15 km off the Angus coast, will feature 72 Vestas turbines and is expected to generate nearly 5 terawatt hours of energy annually. Construction is set to begin in the second quarter of 2025, with the project aiming to contribute significantly to the UK's energy security and emissions reduction targets while supporting local economies. The project has already invested nearly £300 million with over 300 UK suppliers and has received contracts through the UK Government's Contract for Difference auctions. Inch Cape, which received planning consent in 2014, will play a crucial role in achieving ESB’s Net Zero Strategy by 2040. The first power is anticipated by late 2026, with full operations commencing in 2027.