Inch Cape – Industry Needs Visibility of Future CfD Budget

26 February 2015

Inch Cape Offshore Limited (ICOL), a joint venture partnership formed between Repsol Nuevas Energías UK Limited (“Repsol”) (51%) and EDP Renewables UK Limited (“EDPR”) (49%) was today advised it was unsuccessful in its application for a Contract for Difference (CfD). 

Commenting on the decision, Ronnie Bonnar, Managing Director of Repsol Nuevas Energias UK Limited, said:

“Repsol and our joint venture partner EDPR are disappointed not to have been awarded a Contract for Difference for the Inch Cape offshore wind farm in the first allocation round. Our focus will be to advance the project in preparation of the next allocation round however it is essential that there is early visibility and sufficient budget allocation to encourage developers to maintain investment in this sector. Without this there is a high risk that investment in the sector will dry up along with the opportunity to deliver green energy and thousands of UK jobs.”

Ends

For further information, please contact Nancy Zhang at Repsol on 0131 557 7101 or email inchcapewind@repsol.com.

Notes to editors

About Inch Cape Offshore Limited

Inch Cape Offshore Limited (ICOL) are developing a wind farm site around 15 km off the Angus coastline in Scottish Territorial Waters which will cover an area of approximately 150 km2 and will consist of up to 110 turbines. ICOL, a joint venture company formed by Repsol Nuevas Energías UK Limited and EDP Renewables UK Limited, is keen to build upon the strong offshore engineering expertise that Scotland possesses as well as an abundant wind resource to create secure, low-carbon energy from a renewable source.

The project will have a capacity of up to 784 MW and yield over 1,700 GWh per year. This is equivalent to powering around 514,000 homes, or about 20% of all the homes in Scotland (2.37 million).

More information may be found at www.inchcapewind.com.

About Repsol

Repsol is an integrated oil and gas company with presence in more than thirty countries, employing over 24,000 people. Repsol is present along the whole energy value chain, including exploration, production, refining, transport, chemicals, retail sales and new types of energy. Repsol is a global company that strives for the welfare of people and it is a step ahead in building a better future through the development of smart energy solutions.

More information may be found at www.repsol.com.


About EDP Renewables


EDP Renewables (Euronext: EDPR), headquarter in Madrid, Spain, is a global leader in the renewable energy sector that designs, develops, manages and operates power plants that generate electricity using renewable energy sources. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years.

More information may be found at www.edpr.com.

More information about the EMR Delivery Body may be found at www.emrdeliverybody.com

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