The investment will trigger an agreement for Vattenfall to take a 25 per cent stake in the Aberdeen offshore windfarm from the Aberdeen Renewable Energy Group, to become the sole owner.
The 92.4 MW Aberdeen windfarm, also known as the European Offshore Wind Deployment Centre (EOWDC), will now be fully funded and is expected to be operational in Spring 2018.
Vattenfall senior vice president Gunnar Groebler said: “Vattenfall, AREG, The Crown Estate, the Scottish Government and many others have been working since consent in 2013 to deliver the project and support the increasing competitiveness of the offshore wind sector.
“Now the Vattenfall team and our contractors will focus on building the project safely and help establish the north east of Scotland as an international centre for offshore wind innovation.”
Onshore construction near Blackdog will start later this year and works offshore will commence in Aberdeen Bay in late 2017.
Minister for Business, Innovation and Energy, Paul Wheelhouse said that the investment was “great news for the industry”, but added that there is still “more to do” to reduce emissions 80 per cent by 2050 which the government committed to under the Climate Change Act.
Scottish Renewables senior policy manager Lindsay Roberts said: “This announcement is great news for Scotland’s offshore wind industry, and together with developments at Levenmouth, Hunterston and Statoil’s Hywind project helps cement Scotland as a hub for innovation in the sector.
“The commitment of both Vattenfall and Aberdeen Renewable Energy Group to the EOWDC is to be commended, and plans for the site will help develop the renewable energy supply chain in the North East and across Scotland.”
In 2010 the project partners won a €40m EU Grant and the following year an application for offshore consent for the 11 turbine project was submitted with Scottish Ministers granting permission in 2013.