Project on track to start construction in 2014
Global renewable energy developer Mainstream Renewable Power today announced the signing of an Agreement for Lease (AFL) with The Crown Estate for its 450MW Neart na Gaoithe project in Scottish territorial waters. The agreement, which secures an option for the rights to use, as well as sets out the commercial terms for the use of the seabed, is a significant step towards delivering the project into construction in 2014.
Located in the Outer Forth Estuary, the wind farm will deliver 3.7% of Scotland’s electricity demand when fully operational. Earlier this year, the Scottish Government’s Strategic Environmental Assessment (SEA) earmarked the wind farm as one of only six in the current Scottish Territorial Waters programme suitable for development. Having secured grid connection in 2010, Mainstream plans to submit its application for Environmental Consents this year with a view to reaching financial close in 2013 and the start of construction in 2014.
Mainstream’s Chief Executive, Eddie O’Connor said: “Mainstream is following a strategic risk diversification policy of investing in both onshore and offshore wind as well as solar. The profound electricity future for Europe is about offshore wind, in which Mainstream has established a pre-eminent position. In addition to a very large near-term build programme onshore across a number of jurisdictions, Mainstream is delighted to report on this progress of our offshore endeavours.”