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K2 MANAGEMENT SECURES LTA APPOINTMENT FROM INCH CAPE OFFSHORE LIMITED FOR FLAGSHIP PROJECT


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    K2 Management has been selected by Inch Cape Offshore Limited to operate as lender's technical advisor on its wind farm located off the Angus coast in Scotland

    Glasgow, 8 August 2022 - K2 Management (K2M), a leading renewable energy engineering and project management consultancy, has announced that it is working alongside Inch Cape Offshore Limited (ICOL) as a lender's technical advisor (LTA) on its 1,080 MW offshore wind farm in Scotland.

    Recently awarded a Contract for Difference (CfD) under the UK Round 4 Allocation, ICOL is a joint venture between Red Rock Power Limited and Irish energy company ESB. Located 15km off the Angus Coast in East Scotland, the project will be Scotland's largest single source of renewable power when built, with the capacity to generate the equivalent annual power needs of more than 1.7m homes.

    K2M's appointment as LTA enables the company to bring its 15 years of experience in the offshore wind sector to support ICOL during project financing. K2M is providing technical due diligence on all aspects of the project design, delivery, and operations, as well as providing a bank launch and financial close report for lenders. K2M's involvement ensures that, despite the project's scale and complexity, ICOL will be able to move forward with a business case to secure financial close.

    The partnership between ICOL and K2M follows on from an earlier 12-month collaboration under which K2M provided an initial view on project bankability, design optimisation and early-stage risk mitigation.

    Commenting on the agreement, Bethany Rowson, Senior Consultant at K2M said "Working alongside Inch Cape Offshore Limited as a strategic partner allows us to support the development of a significant addition to the offshore wind pipeline in Scotland."

    "With ever more sizeable projects in more extreme environments, both long-standing and emergent offshore wind developers and investors need - more than ever before - total clarity on the financial and development challenges that projects of this scale entail. With our long heritage and global track record, we're able to leverage our experience in early-stage offshore wind development to provide utilities, IPPs, lenders and investors with the full picture on the preliminary risk management required to keep projects moving through the development cycle."

    Seán Kirwan, Project Manager at ICOL commented, "The Inch Cape Offshore Wind Farm will make a significant contribution to the UK's offshore wind and wider decarbonisation targets. We look forward to continuing our work with K2M as we seek to bring the project successfully to financial close - and through to safe and successful delivery."

    -ENDS-

    About K2 Management

    K2 Management supports its clients in their efforts to develop and operate sustainable energy projects that achieve the best possible return on investment. We do that by delivering a wide range of services within engineering, planning, project management, and due diligence spanning the entire value chain of an energy project; from the earliest phase of development, through construction as well as maximizing operations with asset management, spanning the entire value chain of an energy project.

    We want to create value for our clients and partners while maintaining a safe and meaningful working environment for our employees. We believe it is our duty as consultants to be 100 percent client-focused, dedicated and committed in our role as owners', buyers' or lenders' advisor.

    K2 Management is headquartered in Denmark with 20 global offices and, accumulated, our experienced team has been involved in more than 2,500 successful onshore wind, offshore wind, solar PV and wave & tidal projects - in over 50 countries.

    For more information, please see: www.k2management.com

    About Inch Cape Offshore Limited

    The Inch Cape Offshore Wind Farm will see up to 72 turbines located 15 km off the Angus coast and connect to the national electricity transmission network at Cockenzie, East Lothian. The Project's O&M base will be located at Montrose Port. Once complete, it will be Scotland's largest single source of renewable energy and generate the equivalent of the annual power needs of more than 1.7m British homes.

    Inch Cape Offshore Limited is a joint venture between Red Rock Power Limited and Irish energy utility business ESB.

    www.inchcapewind.com

    --

    [Tamarindo Group]

    Robert Hanley

    Account Manager

    Tamarindo Group

    +44 (0) 20 7100 1616 | +1 917 310 3307

    robert.hanley@tamarindogroup.com

    www.tamarindogroup.com

    Tamarindo Group, Tyndale House, 3rd Floor, 134 Cowley Road, Oxford, OX4 1JH

    *****

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