The wind farm is located approximately 32 kilometers from the Island of Sylt near the German-Danish border and consists of 80 Siemens 3.6 MW wind turbines with a total capacity of 288 MW, supplying renewable energy to around 370,000 households.

The Export Development Guarantee from UKEF covers 80% of the total loan, which has been coordinated by HSBC, with Citibank, Credit Agricole Corporate and Investment Bank, DNB, and ING as mandated lead arrangers.

The move follows crisis talks with the renewables industry and aims to address concerns over supply chain costs and potential delays in meeting the 2030 goal of hosting 50GW of offshore wind.

The contract encompasses the engineering, procurement, construction, and installation of the high-voltage, direct-current offshore platform.

EY publishes the RECAI biannually, and the latest edition cites concerns over grid connection delays as a key factor influencing the attractiveness of the UK market for renewable energy projects.

This milestone comes after nearly seven years of dedicated work on the wind farm, with the first turbine generating fossil-free electricity on November 10, 2023.

The facility, once fully operational, is expected to create 900 jobs. The grant comes as a crucial step to advance the cable manufacturing project, which received planning approval from North Ayrshire Council in May.

Although there has been a retracement due to higher costs and tougher markets, she emphasized that the industry remains economically viable.

This surge in demand has created a potential threat to the metal supply for crucial sectors which rely on nickel for various equipment applications in demanding environments.

This collaborative effort united 38 prominent companies from various sectors within the industry, emphasizing the collective resolve to address the distinctive challenges associated with floating offshore substations.