Irish renewable power project developer Mainstream Renewable Power has entered into exclusive discussions with a consortium led by power company InterGen, and including Siemens Project Ventures, The Marguerite Fund and Infrared Capital, to take part to the development of its £2bn (€2.6bn) Neart na Gaoithe offshore wind project in the United Kingdom.
The 450 MW project was granted planning consent in October 2014 and secured a 15-year Contract for Difference (CfD) from the British power transmission network operator National Grid in March 2015. Under the terms of the CfD contract, Mainstream Renewable Power has until 26 March 2015 to sign off the scheme. The company has already secured £1.5bn (€1.95bn) of debt funding in place and the InterGen-led consortium could offer the remaining £500m (€650m). Final Investment Decision is expected in early 2016 and the project is expected to be fully commissioned in 2020.
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