Innogy has now secured all of the necessary financing to build the £2 billion Triton Knoll offshore wind project.
The developer has obtained loans worth £1.75 billion from an international consortium of 15 commercial banks including Santander, Lloyds and BNP Paribas.
The 860MW wind farm, which won a contract for difference at a strike price of £74.75/MWh (2012 prices) in the most recent auction, will be located around 20 miles off the coast of Lincolnshire.
Innogy said all of the main supply contracts for the project are also in place, including for 90 of MHI Vestas’ 9.5MW V164 turbines.
Preparatory works for the onshore electrical system, which will feature a 57-kilometre underground cable and a new substation at Bicker Fen in Lincolnshire, are already under way. Full construction on the system is due to begin later in September.
Offshore construction is scheduled to kick-off in late 2019 or early 2020, with commissioning of the wind farm commencing in 2021.
Last month Innogy agreed to sell to a 41 per cent stake in the project to two Japanese utilities for an undisclosed sum.
“By reaching financial close, we have created the financial foundation for realising and operating the Triton Knoll offshore wind farm jointly with our new equity partners and international lenders,” said Hans Bünting, chief operating officer for renewables at Innogy.
“I am very much looking forward to onshore construction starting shortly and seeing the investment come to fruition, with significant benefits to the local economy and businesses.”