Scottish flagship offshore wind project Inch Cape reaches financial close

January 27, 2025April 29, 2026

The equal joint owners of Inch Cape Offshore Wind Farm, ESB and Red Rock Renewables, announced today that the flagship Scottish project has reached financial close raising more than £3.5 billion of funding.

The 1,080 megawatt (MW) offshore wind farm, located in the North Sea 15 kilometres (km) off the 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 commercial banks.

The project will make a significant contribution to UK’s energy security and emissions reduction targets as well as to the economy through use of local suppliers. 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.

“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.”

Paul Lennon, Head of Offshore Wind, Hydrogen and Long-Term Storage at ESB

“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. I’d like to congratulate and thank the project team, and everyone involved for their dedication and contribution to date. We look forward to working with our supply chain partners to deliver a successful and safe offshore construction campaign.”

Xiaomeng Chen, Red Rock Renewables CEO

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.

“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.”

Inch Cape Project Director John Hill

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 Q2 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.

From left: Red Rock Renewables CEO, Xiaomeng Chen; Inch Cape Project Director, John Hill and ESB Head of Offshore Wind, Hydrogen and Long-Term Storage, Paul Lennon at the Inch Cape Edinburgh office.

Notes:

Inch Cape was supported on the financial close process by:

Financial advisor to ICOL	MUFG
Legal advisor to ICOL	Linklaters
Lenders technical advisor	K2
Legal advisor to the lenders	Norton Rose Fulbright

Inch Cape key construction suppliers:

Scope	Contract
Electrical transmission infrastructure	Siemens Energy and Iemants (Smulders)
Turbines	Vestas
Turbine installation	Cadeler
Monopile (MP) foundations	CWHI (GWSHI)Dajin Offshore
Transition pieces (TP)	CWHI (GWSHI)CFHI (COOEC Fluor)
MP installation	Jan de Nul (RWE lease)
Jacket foundations	CFHI (COOEC Fluor)
Jacket foundation, transition piece and pin pile installation	Seaway 7
Export cables	Ningbo Orient Cable
Export cables installation	Enshore Subsea
Inter-array cable (EPCI)	TKF and N-Sea
Marshalling ports	Forth Ports (Dundee and Leith)
Construction base	Port of Montrose