K2 Management wins construction monitoring contract for £2bn offshore wind farm

WCN Editorial Team 6 Sep 2018 EUROPE ENERGY & UTILITIES

K2 Management has secured a construction monitoring contract for the £2bn, 860MW Triton Knoll offshore wind farm 33km off the coast of Lincolnshire, in the North Sea, England.

The project achieved financial close last week.

The scope of work includes the monitoring of permitting, design, manufacturing and construction activities and project expenditure on behalf of a consortium of international lenders.

The construction monitoring for the project will run from the fourth quarter of 2018 until the commercial operations date (COD) in early 2022.

Prior to the award of the contract, K2 Management served for two years as Lender’s Technical Advisor for the Triton Knoll project, delivering technical due diligence right from the feasibility phase, through the CFD auction process and mandating of lenders, until financial close.

K2 Management’s technical advisory role included advising lenders on permitting and environmental, technical design (civil, electrical, turbine, grid connection), project participants, construction management and associated contracts, schedule and weather risk, O&M strategy and contracts, technical aspects of the final model and review of risk management and contingency sizing.

Triton Knoll project director Julian Garnsey said: “This is a great moment for Triton Knoll and the UK offshore wind industry as we formally secure the means to deliver around £2bn of new UK energy infrastructure.

“We are delighted to reach financial close so soon after bank launch; engaging with K2 Management as technical advisor from the early stages has allowed us together to develop a bankable and well-considered project from the beginning.”

Offshore construction will commence in the Greater Wash area of the UK in late 2019 or the first quarter of 2020 and will comprise 90 MHI Vestas V164-9.5 MW wind turbines, currently the largest turbine in the world.

K2 Management project manager Vicky O’Connor said: “As the first of the 2017 CFD auction-winning projects to reach financial close; the largest capacity project to be project financed to date; and the first large scale deployment of the MHI Vestas V164-9.5MW, Triton Knoll really is a milestone project for the offshore industry.”


Image: An offshore wind farm. Photo: courtesy of K2 Management.

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