Mainstream finds partners for 448-MW wind farm off Scotland

InterGen-led tie-up ready to take on 448-MW wind project off Scotland

Jan 26, 2016 13:57 CET by Tsvetomira Tsanova

Siemens turbines at Westermost Rough wind farm. Source: Siemens AG. www.siemens.com/press

January 26 (SeeNews) – An equity consortium that includes InterGen, Siemens Project Ventures, The Marguerite Fund and Infrared Capital is ready to take the 448-MW Neart na Gaoithe wind project off Scotland into construction.

Ireland’s Mainstream Renewable Power, which developed the project, said today it is in exclusive discussions with the InterGen-led tie-up to take the wind farm to financial close and into construction. 

In July it was reported that Mainstream is negotiating the sale of the project to InterGen and Siemens Project Ventures. The developer did not reveal any further details on the talks today.

The project, planned for the Outer Forth Estuary in the North Sea, will use Siemens’ 7-MW turbines. It has secured a 15-year Contract for Difference (CfD) at a strike price of GBP 114.38 (USD 162.3/EUR 149.7), which Andy Kinsella, chief operating officer (COO) at Mainstream, says is the lowest rate achieved for offshore wind in the UK.

The Neart na Gaoithe offshore wind farm has already received several offers for power purchase agreements (PPAs) for its full output over the term of the CfD, Mainstream added. The deals are currently under negotiation.

Subject to the outcome of a judicial review by Scottish courts, the power plant could be fully operational by 2020. The contracts for the equipment and construction have been agreed and the needed debt funding has been sourced from commercial banks, Kinsella added.

According to the developer’s estimates, GBP 540 million will be directly spent in Scotland during the offshore wind park’s construction, followed by GBP 610 million during the operational phase.

(GBP 1 = USD 1.419/EUR 1.309)

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Mainstream finds partners for 448-MW wind farm off Scotland

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