Following the ruling of the Inner House of the Court of Session, Mainstream Renewable Power plans to speed up the development of its Neart Na Gaoithe offshore wind farm to bring the project to the construction phase, planned to start in 2019.
“We plan to move quickly with all our partners to bring this project to construction, and deliver the vitally important jobs and investment that it will create,” sad David Sweenie, Mainstream Renewable Power’s Offshore Manager for Scotland.
Mainstream said it continues to progress discussions with a number of interested parties, including international equity investors, commercial banks, the European Investment Bank and Export Credit Agencies, to provide the funding to take the wind farm to financial close and into construction.
The company is also in the process of selecting Tier 1 supply chain partners.
Mainstream anticipates the GBP 2 billion Neart na Gaoithe will achieve financial close in 2018 with construction starting in 2019 and first commercial supply of electricity occurring in 2021.
The 450MW project is scheduled to be delivered in 2021 at a strike price of GBP 114.39/MWh.