Developer raises £45m (in Norway) to fund construction of new Dounreay floating wind farm

CGI of Dounreay Tri floating wind farm
CGI of Dounreay Tri floating wind farm

The company planning to build a floating offshore wind parc off Caithness has raised around £45 million in the Norwegian bond market.

The bonds have a tenor of three years and a fixed coupon of 10% and will be used to partially fund construction costs of Dounreay Tri’s planned 10MW floating offshore wind installation.

The bond issue follows final project approval from the Scottish government earlier this month.

Dounreay Tri will now commence construction of the floating platform at the Nigg shipyard in northern Scotland while the columns for the turbines will be manufactured by the Keppel Shipyard in Singapore.

Nigg will also complete the final assembly and the unit is scheduled to be in operation in July 2018.

The bond raising marks an important milestone for Dounreay Tri, for the Scottish wind industry, and for the floating offshore wind industry globally.

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