Mainstream searching for partner on £2bn Scottish wind project

Ørsted acquires Deepwater Wind to create leading US offshore wind platform
Credit: Shutterstock.com/ Teun van den Dries

Mainstream Renewable Power has begun the hunt for a majority equity partner to help take its 450 MW offshore wind project into construction and commercial operation.

Managed by KPMG London, the process is expected to conclude in early 2018.

Located off the east coast of Scotland, the £2 billion Neart na Gaoithe (NnG) offshore wind farm is fully consented and was awarded a Contract for Difference (CfD) by the Low Carbon Contracts Company in February 2015.

The CfD gives the wind farm an inflation-linked strike price for the electricity it produces for a period of fifteen years.

NnG was one of only two offshore wind farms to secure a CfD contract through this auction process in early 2015.

Almost all the major players in the offshore wind sector are already in discussions with us,” said Mainstream CEO Andy Kinsella.

“Mainstream plans on maintaining a significant minority interest in the project, which we have developed over the past ten years, and we want to see it through the construction process and into commercial operation.

“This is a multi-billion pound infrastructure project and it has always been our plan to choose the right equity partner with whom we can bring it forward, at the right time.”