Linklaters advises on the development and £2.7bn project financing of the 1.1GW Inch Cape offshore wind farm in Scotland

Linklaters has successfully advised the borrower and the sponsors (ESB and Red Rock Renewables) on the development and £2.7bn project financing of the Inch Cape offshore wind farm, which is located 15km off the Angus coast in Scotland.

Once complete, the 1.1GW project will be one of Scotland’s largest offshore wind farms, powering over 1.7m households, reducing carbon emissions by 2.5 million tonnes per year and representing a further significant step on the journey towards net zero. This project alone represents 10% of the Scottish Government’s target to install 11 GW of offshore wind by 2030.

Richard Coar comments:

“The whole team are very proud to have advised both ESB and Red Rock Renewables on reaching this important milestone for the Inch Cape project. Despite all the challenges Inch Cape has faced since it was allocated a CfD in AR4, it is testament to the drive and determination of the sponsors and the unwavering support of lenders (plus perhaps a little help from all the advisers) that this landmark transaction has successfully reached financial close. It represents a fantastic start to the year and hopefully is a clear sign of things to come in 2025 in the energy transition space.”

The Linklaters team was led by Energy & Infrastructure partner Richard Coar, alongside managing associates Niamh Sheerin, Anna Saenko, Luke Higgins and Adam Hanssen and associates Katie Rivers and Olu Atanda, and supported by counsel Rhian Roberts and associate Megan Lim.

This is the most recent transaction by Linklaters’ Energy & Infrastructure team advising on offshore wind farms. Previous deals include advising:

• Ørsted on its divestment of minority stakes in four UK offshore wind farms to Brookfield
• Glennmont Partners on the acquisition of 50% in offshore wind farm Gode Wind 3 from Ørsted
• Ørsted on its equity divestment and stapled financing arrangements of Greater Changhua 4 offshore wind project in Taiwan
• Northland Power Inc., Mitsui & Co., Ltd and Hai Long on the project financing of the Hai Long offshore wind project in Taiwan
• On first Polish Offshore Wind Financing
• On the first major restructuring and recapitalisation of an offshore wind farm in Taiwan
• The lenders in connection with the financing of Les Eoliennes en mer Dieppe – Le Tréport offshore wind farm
• The lenders in connection with the financing of the Iles d'Yeu and Noirmoutier offshore wind farm