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Mainstream to Build $2.8 Billion Scottish Offshore Wind Farm

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January 26, 2016

(Bloomberg) — Mainstream Renewable Power Ltd. said it’s in talks with a consortium led by power company InterGen NV to reach a financial close on its planned 2 billion-pound ($2.8 billion) Neart na Gaoithe wind farm off the coast of Scotland.

The 450-megawatt project will deliver the cheapest offshore wind power in the country, having secured a so-called contract- for-difference with the government guaranteeing 114.38 pounds per megawatt-hour, Dublin-based Mainstream said Tuesday in an e- mailed statement.

“All the building blocks are now in place to deliver this power plant into operation by 2020,” Chief Operating Officer Andy Kinsella said in the statement. “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.”

The InterGen consortium also includes Siemens AG’s project unit, the Marguerite Fund and Infrared Capital, Mainstream said. The project will create more than 500 jobs during construction and over 100 permanent jobs during its 25-year operational phase, the company said.

A quarter of the project costs will be met by equity, with 1.5 billion pounds of debt secured, according to Mainstream. It declined to say who is providing the debt.

©2016 Bloomberg News

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