Ireland-based Mainstream Renewable Power is in exclusive talks with an InterGen-led consortium for closing a £2bn deal in Scotland for a 450MW offshore wind farm construction.

Besides the Dutch power firm Intergen, other consortium members include Siemens Project Ventures, the Marguerite Fund and Infrared Capital.

Following the closure of the deal, the firm will be developing the Neart na Gaoithe wind farm in the Outer Forth Estuary in the North Sea.

The project is already backed with a 15-year Contract for Difference (CfD), which was secured from the UK’s National Grid in March 2015.

"This £2bn infrastructure project … will create more than 500 jobs during construction and more than 100 permanent jobs during the 25-year operational phase."

Offshore planning consent from Scottish ministers was secured by Mainstream Renewable Power in October 2014.

It is expected to be fully commissioned by 2020 following a judicial review by Scottish courts, which is currently underway.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Mainstream COO Andy Kinsella said: "This £2bn infrastructure project has very significant benefits for Scotland. It will create more than 500 jobs during construction and more than 100 permanent jobs during the 25-year operational phase.

"More than £540m will be directly spent in Scotland during the construction phase and a further £610m will be spent during the operational phase.

"Neart na Gaoithe will generate the cheapest electricity from any offshore wind farm in the UK."

Around 25% of the project costs will be met with equity, while £1.5bn of debt has been secured for the development, reports

Kinsella added: "All consents have been received; the CfD was awarded; the technology and construction contractors are in place and, very significantly, the required debt funding for the project has been sourced from commercial banks."