Mainstream Renewable Power gets OK to invest £1.5 billion in wind farm

By Lisa Kerner

Charlotte, N.C., Oct. 10 – Mainstream Renewable Power received consent from the Scottish Ministers to build and operate its 450MW Neart na Gaoithe offshore wind farm in the Outer Forth Estuary in the North Sea.

Neart na Gaoithe represents a capital expenditure investment of about £1.5 billion, according to a company news release. It is on track to be the first offshore wind farm in the United Kingdom to attract non-recourse project finance at the construction stage and is prequalified for Infrastructure U.K. Treasury Guarantee and European Investment Bank funding.

The wind farm will consist of up to 75 wind turbines occupying an area of roughly 80 square kilometers.

“Today's announcement is of particular importance for Scotland because it is the first time a wind farm will be built in Scottish waters with the purpose of supplying Scottish homes and businesses with renewable energy,” Mainstream founder and chief executive Eddie O'Connor said in the release.

“In fact, it will generate enough green power to supply more than all the homes in Edinburgh.”

Mainstream Renewable Power is an independent developer of renewable energy projects with a development pipeline of more than 17,000 MW globally currently operating and constructing solar and wind farms across Ireland, South Africa, Chile and Canada. The company has offices in Berlin, Cape Town, Chicago, Dublin, Glasgow, Johannesburg, London, Santiago and Toronto.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.