- K2 Management appointed by Inch Cape Offshore Limited to provide Lender’s Technical Adviser (LTA) due diligence services to a project finance consortium
- £3.5 billion financing package secures the future of the 1.1GW project – one of Scotland’s largest wind farms
27th January 2025, Glasgow – K2 Management (K2M), part of global wind engineering and advisory consultancy Ramboll, has provided Lender’s Technical Adviser (LTA) due diligence services to the lending consortium financing the flagship 1.1GW Inch Cape Offshore Wind Farm.
The wind farm has now successfully reached financial close, securing a £3.5 billion financing package from lenders comprising 22 banks. This will enable Inch Cape Offshore Limited, a 50:50 joint venture between Red Rock Renewables and ESB, to progress with offshore construction of the project.
Inch Cape Offshore Wind Farm is located 15km off the Angus Coast in the North Sea and comprises of 72 turbines. The wind farm is currently under construction and is set to enter operation in 2027. The power generated will be transported 85 kilometres to a new substation at Cockenzie in East Lothian, and provide enough clean energy to power almost half the homes in Scotland.
When financing any major offshore wind farm, lenders require a robust, independent assessment of all the key risk factors influencing the expected financial and technical performance of the project. K2M supported the lending consortium from the early stages of development until financial close, conducting a comprehensive bankability assessment and detailed technical due diligence to de-risk their financing decision.
“Inch Cape Offshore Wind Farm is a strategically important project that will boost the UK’s wind capacity and supply millions of households with clean, sustainable electricity,” said Bethany Rowson, Principal Due Diligence Consultant at K2M. “We’re thrilled to have supported the project in reaching financial close, and we look forward to working with Inch Cape Offshore Limited on the ongoing construction of the wind farm.”
“Reaching financial close is an important milestone for the project and a culmination of much hard work and collaboration between all of the parties involved,” said Inch Cape Project Director John Hill. “K2M is known for its technical due diligence knowledge and expertise, and has played an important role in enabling the project to reach financial close and secure its long-term future.”
K2M was originally appointed by Inch Cape Offshore Limited as LTA in 2021 and has provided technical due diligence on the project design, delivery, operations and lender engagement. K2M will continue to provide support throughout the final construction and operational phases of the wind farm.
About K2 Management:
K2 Management supports its clients in their efforts to develop and operate sustainable energy projects that achieve the best possible return on investment.
It delivers a wide range of services within engineering, planning, project management, and due diligence spanning the entire value chain of an energy project; from the earliest phase of development, through construction as well as maximizing operations with asset management.
In November 2024, K2 Management became part of Ramboll, an architecture, engineering, and consultancy firm. Together, they form a world-leading wind consultancy, offering full-service capabilities in offshore and onshore wind as well as solar. With expanded resources and a strengthened global presence, they are well-positioned to take on large-scale renewable energy projects.
For more information, please see: www.k2management.com
About Inch Cape Offshore Limited
Inch Cape Offshore Limited is the developer of the 1080MW Inch Cape Offshore Wind Farm, located in the North Sea, 15 kilometres from the Angus coast on a site covering 150 square kilometres. The project will feature 72 wind turbines with the power generated collected at a single offshore platform. The electricity will be transported 85 kilometres via export cables to a new substation being built at Cockenzie on the East Lothian coast. From there it will enter the national transmission network at an existing connection point. ICOL is owned equally by ESB and Red Rock Renewables.
For more information, please see: www.inchcapewind.com
