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FTO partner project Inch Cape reaches financial close
The equal joint owners of Inch Cape Offshore Wind Farm, ESB and Red Rock Renewables, have announced that the flagship Scottish project has reached financial close raising more than £3.5 billion of funding.
The 1,080 megawatt (MW) offshore wind farm, located in the North Sea 15 kilometres (km) off the Angus coast, will now progress into its offshore construction phase.
Inch Cape will be the first UK project to use Vestas 15.0 MW turbines and, once operational, will generate almost 5 terawatt hours (TWh) of energy each year. It will comprise 72 turbines on a mix of monopile and jacket foundations, a single offshore substation platform and two 85 km AC export cables delivering power to an onshore substation under construction at Cockenzie, East Lothian.
Terms for the project financing, which includes transmission asset costs, have now been reached with lenders comprising 22 commercial banks.
The project will make a significant contribution to UK’s energy security and emissions reduction targets as well as to the economy through use of local suppliers. Inch Cape has, to-date, spent almost £300 million with more than 300 UK companies including environmental, technical and engineering design consultancies, civil and structural engineers, survey contractors and project management support.
SDS publish “Career Opportunities across Scotland in Offshore Wind"
Skills Development Scotland (SDS) have published a new resource offering insight into the skills picture of offshore wind and the job opportunities it offers.
Offshore wind is critical for Scotland to transition from fossil fuel powered electricity production towards clean, renewable power.
Peak installation will come in the next 10 to 20 years, however, the windfarms themselves will remain operational well into the second half of this century. Offshore wind will support thousands of new jobs and offers a career for life.
The ‘Career Opportunities across Scotland in Offshore Wind’ publication is a unique resource to support the collective push to increase understanding of the many opportunities ScotWind offers, and encourage young Scots in particular to understand and make the most of all the offshore wind job opportunities in their region.
Read the publication here.
Forth and Tay Offshore Newsletter - January 2025
Welcome to the January issue of our e-newsletter, where you can read about industry events and publications as well as activities that the Forth and Tay Offshore (F&TO) cluster is leading or supporting.
Launch Academy programme opens for applications
UK supply chain companies looking to develop future opportunities in the offshore wind sector can apply to secure a place on Launch Academy – the award-winning technology acceleration programme from the Offshore Renewable Energy (ORE) Catapult.
Launch Academy is an industry-recognised mentoring and business support programme designed to help early-stage companies with innovative, near-to-market products and services to progress in the offshore wind supply chain. Wraparound support comprises targeted technology development, business growth and professional services expertise.
Since 2020, through both national and regional programmes across the United Kingdom, Launch Academy has supported 57 companies that have gone on to collectively raise £26.7m in private investment, £8.4m in grant funding and had 150 patents filed.
This latest programme will be sponsored by the offshore wind industry including EDF Renewables UK & Ireland, bp and ScottishPower Renewables. These sponsors will set a number of challenges that are encountered within the offshore wind sector, and will ask the competing companies to submit their most innovative solutions.
Member introduction: FI Group
At FI Group, we are excited to announce our partnership with Forth and Tay Offshore as we work to grow the Scottish offshore wind industry. Our mission is to empower businesses through specialized consulting in R&D Tax and Grant funding.
With a proven track record of recovering over £590 million in tax incentives and securing €2.5 billion in grant funding, we are proud leaders in non-dilutive funding. Our goal is to help innovative companies access the financial support they need to thrive without sacrificing equity.
With a strong global presence, FI Group is well-equipped to assist clients in navigating the complexities of international R&D funding. By leveraging global incentives, we help Scottish businesses scale and compete on the world stage. Our extensive network allows us to tap into diverse funding opportunities across various jurisdictions, ensuring our clients maximise their claims and benefit from the best available incentives. Our Global R&D Tax Guide and Global Grants Guide are available online to help you understand the global innovation funding available.
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