Dounreay Tri Kicks Off Construction Works after Closing EUR 45 Million Bond

Dounreay Tri Ltd has closed a EUR 45 million senior secured bond issued in the Nordic bond market, the proceeds of which will be used to partially fund construction costs of the company’s planned 10MW floating offshore wind installation.

The bond issue follows final project approval from the Scottish government, which was obtained on 17th March.

Dounreay Tri will now commence construction of the floating platform at the Nigg Shipyard in Scotland while the columns for the turbines will be manufactured by the Keppel Shipyard in Singapore. Nigg will also complete the final assembly and the unit is scheduled to be in operation in July 2018.

The two-turbine wind farm will be deployed in Scottish territorial waters approximately 9km off Dounreay, Caithness in the summer of 2018.

In order to proceed, the application to Marine Scotland and Scottish Ministers must be processed by 31 March as the Renewable Obligation Certificate level required is only available to projects approved by that date.