ESB appointed K2 Management to support them in acquiring a 50% stake in the 448 MW Neart Na Gaoithe offshore wind farm.
In ESB’s largest stake acquisition in a UK offshore project to date, K2M delivered full scope acquisition technical due diligence, supporting the transaction to financial close.
The scope included analysis of the project’s design, construction contracts and methodology as well as energy yield and cost assumptions and planned operation and maintenance strategy.
Gary Connolly, Offshore Wind Development Manager at ESB, said: “This project is the first time that ESB is taking full construction risk on an offshore wind project and the levels of comfort given by K2 Management’s extensive technical due diligence has enabled us to build a strong business case whilst understanding the key risks."
"The flexibility and responsiveness that K2 Management delivered added significant value when preparing a time-constrained bid.”
Neart Na Gaoithe, now jointly owned 50% by ESB and 50% by EDF Renewables UK, will begin construction in Q1 2020 with an expected operational date of Q1 2023.