ESB and Red Rock Renewables are on track to reach financial close for the 1,100MW Inch Cape offshore wind farm by the end of the week, according to project representatives. Rosemary Kennedy, Head of Revenues and Stakeholder Relations for the project, confirmed during the SR Offshore Wind 2025 conference in Glasgow that an announcement regarding financial close is “imminent.”
The developers have been in talks with banks since last year, with an initial target of achieving financial close in 2024. The milestone will trigger the finalization of key tier-one contracts for the project.
Kennedy provided an update on the progress of the project, noting that much of the main fabrication work is already underway. She highlighted that monopiles are being manufactured at Chinese yards such as Dajin, while substations are being built at the Smulders Wallsend yard in northeast England.
The project has also confirmed key contractors, with COOEC-Fluor selected to provide jacket foundations and Jan De Nul chosen to install monopiles. As previously reported, Jan De Nul will use a vessel leased from RWE for the installation process.
Offshore construction at Inch Cape is expected to begin later this year, with the installation of main foundations scheduled for 2026. The project is anticipated to be completed by 2027.
