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Neart na Gaoithe seeks equity partner

Mainstream Renewable Power has started the selection process for an equity partner for the £2 billion Neart na Gaoithe (NnG) offshore wind farm.

Mainstream Renewable Power has started the selection process for an equity partner for the £2 billion Neart na Gaoithe (NnG) offshore wind farm.

NnG, located off the east coast of Scotland, received full consent in November after a protracted legal battle with nature conservancy group, the RSPB. Mainstream’s CEO, Andy Kinsella said that the firm is already in discussions with “almost all the major players in the offshore wind sector”.

“Mainstream plans on maintaining a significant minority interest in the project, which we have developed over the past ten years, and we want to see it through the construction process and into commercial operation,” Kinsella said. “This is a multi-billion pound infrastructure project and it has always been our plan to choose the right equity partner with whom we can bring it forward, at the right time.

“We are very excited at the level of interest shown from all the serious players in the market.”

KPMG London is managing the selection process, which is expected to conclude early next year.

Neart na Gaoithe is fully consented and was awarded a Contract for Difference in 2015.