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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The developers behind the proposed £2.6 billion ($3.8 billion) Beatrice offshore windfarm in Scotland have agreed to go ahead with the project.
The windfarm project is owned by SSE plc (LSE:SSE) (Perth, Scotland) (40%), Copenhagen Infrastructure Partners (CIP) (Copenhagen, Denmark) (35%) and SDIC Power Holdings Company Limited (Beijing, China) (25%). Located in the Outer Moray Firth, the windfarm will use 84 turbines rated at 7 megawatts (MW) each from German engineering company Siemens AG (FWB:SIE) (Munich, Germany). With a total capacity of 588 MW, it will be capable of supplying enough power for approximately 450,000 homes.
"We are delighted that Beatrice has achieved Financial Close, and we are extremely grateful for all of the support received throughout the development of the project from stakeholders such as the Scottish Government, DECC, HIE, the Highland Council, Moray Council and local communities, said Paul Cooley, Director of Renewables at SSE. "Contracts have already been placed with many U.K.-based suppliers, and Siemens intend to undertake turbine blade construction from Siemens' new manufacturing facility in Hull."
The U.K. Secretary of State for Energy and Climate Change, Amber Rudd said: "The U.K. is the world leader in offshore wind; and this industry, backed by the U.K. Government and benefiting from our access to the European Union (EU) single market, is a success story going from strength to strength. This project will provide home-grown clean energy boosting skills and create jobs and financial security for working people and their families in Scotland, and across the U.K."
Beatrice is the second large U.K. offshore windfarm to reach financial closure in recent weeks. Financing amounting to £1.3 billion ($1.9 billion) was secured recently for the Dudgeon offshore windfarm, located 32 kilometres (km) out to sea from the Norfolk coast in eastern England. It is being developed by Abu Dhabi-owned green energy company Masdar and Norwegian companies Statoil ASA (OSE:STL) (Stavangar) and Statkraft AS (Oslo). For additional information, see May 18, 2016, article--Finance Secured for £1.3 Billion Dudgeon Offshore Windfarm in U.K..
SSE said that work on the operations and maintenance facility for Beatrice in Wick along with the transmission works in Moray will commence this year. Offshore construction will begin in 2017, with the windfarm becoming fully operational in 2019.
The project is also benefitting from a £525 million ($772 million) loan from the European Investment Bank (EIB). It represents the single largest investment in an offshore wind project by the EIB. "Investment in offshore wind is crucial to harnessing the full potential of Scotland's renewable energy resources," said Jonathan Taylor, EIB vice president. "The European Investment Bank is one of the world's largest lenders for renewable energy, and our backing for Beatrice represents the EIB's largest ever support for offshore wind investment."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The windfarm project is owned by SSE plc (LSE:SSE) (Perth, Scotland) (40%), Copenhagen Infrastructure Partners (CIP) (Copenhagen, Denmark) (35%) and SDIC Power Holdings Company Limited (Beijing, China) (25%). Located in the Outer Moray Firth, the windfarm will use 84 turbines rated at 7 megawatts (MW) each from German engineering company Siemens AG (FWB:SIE) (Munich, Germany). With a total capacity of 588 MW, it will be capable of supplying enough power for approximately 450,000 homes.
"We are delighted that Beatrice has achieved Financial Close, and we are extremely grateful for all of the support received throughout the development of the project from stakeholders such as the Scottish Government, DECC, HIE, the Highland Council, Moray Council and local communities, said Paul Cooley, Director of Renewables at SSE. "Contracts have already been placed with many U.K.-based suppliers, and Siemens intend to undertake turbine blade construction from Siemens' new manufacturing facility in Hull."
The U.K. Secretary of State for Energy and Climate Change, Amber Rudd said: "The U.K. is the world leader in offshore wind; and this industry, backed by the U.K. Government and benefiting from our access to the European Union (EU) single market, is a success story going from strength to strength. This project will provide home-grown clean energy boosting skills and create jobs and financial security for working people and their families in Scotland, and across the U.K."
Beatrice is the second large U.K. offshore windfarm to reach financial closure in recent weeks. Financing amounting to £1.3 billion ($1.9 billion) was secured recently for the Dudgeon offshore windfarm, located 32 kilometres (km) out to sea from the Norfolk coast in eastern England. It is being developed by Abu Dhabi-owned green energy company Masdar and Norwegian companies Statoil ASA (OSE:STL) (Stavangar) and Statkraft AS (Oslo). For additional information, see May 18, 2016, article--Finance Secured for £1.3 Billion Dudgeon Offshore Windfarm in U.K..
SSE said that work on the operations and maintenance facility for Beatrice in Wick along with the transmission works in Moray will commence this year. Offshore construction will begin in 2017, with the windfarm becoming fully operational in 2019.
The project is also benefitting from a £525 million ($772 million) loan from the European Investment Bank (EIB). It represents the single largest investment in an offshore wind project by the EIB. "Investment in offshore wind is crucial to harnessing the full potential of Scotland's renewable energy resources," said Jonathan Taylor, EIB vice president. "The European Investment Bank is one of the world's largest lenders for renewable energy, and our backing for Beatrice represents the EIB's largest ever support for offshore wind investment."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
