Wind Energy – Scotland
K2 Management has been selected by Inch Cape Offshore Limited to operate as lender’s technical advisor on its wind farm located off the Angus coast in Scotland.
Recently awarded a Contract for Difference (CfD) under the UK Round 4 Allocation, ICOL is a joint venture between Red Rock Power Limited and Irish energy company ESB.
Located 15km off the Angus Coast in East Scotland, the project will be Scotland’s largest single source of renewable power when built, with the capacity to generate the equivalent annual power needs of more than 1.7m homes.
K2M’s appointment as LTA enables the company to bring its 15 years of experience in the offshore wind sector to support ICOL during project financing. K2M is providing technical due diligence on all aspects of the project design, delivery, and operations, as well as providing a bank launch and financial close report for lenders.
K2M’s involvement ensures that, despite the project’s scale and complexity, ICOL will be able to move forward with a business case to secure financial close.
The partnership between ICOL and K2M follows on from an earlier 12-month collaboration under which K2M provided an initial view on project bankability, design optimisation and early-stage risk mitigation.