Innogy has agreed to sell shares in the £2 billion Triton Knoll offshore wind project to two Japanese utilities for an undisclosed sum.
J-Power will take a 25 per cent stake whilst Kansai Electric Power will take 16 per cent. The remaining 59 per cent will be retained by Innogy.
The wind farm off the coast of Lincolnshire will feature 90 of MHI Vesta’s 9.5MW V164 turbines, giving it a total capacity of 860MW. The project was awarded a Contract for Difference at a strike price of £74.75/MWh in the most recent auction in September 2017.
Hans Bunting, chief operating officer for renewables at Innogy, said: “As we continue to grow our offshore portfolio across the globe, the securing of valued, strategic partnerships is a key objective within our strategy. The signed agreement highlights the attractiveness of our offshore development projects.
“With J-Power and Kansai Electric Power we have found experienced and reliable partners and we are delighted to be working with them to successfully realise the Triton Knoll offshore wind farm together.”
J-Power director and executive managing officer, Makoto Honda, said: “As the leading provider of wind power in Japan, we are very proud of entering into this overseas offshore wind power project which is a first for a Japanese electric power utility.”
Innogy will manage the construction as well as the operation and maintenance of the wind farm on behalf of the partners.
Preparatory work for the onshore electric system, which will include a 57-kilometre underground cable and a new substation at Bicker Fen in Lincolnshire, is already under way. Full construction is scheduled to begin shortly.
Offshore construction is expected to kick-off in late 2019, with commissioning of the wind farm starting in 2021.
Innogy took full ownership of the project in October 2017 after buying a 50 per cent stake in the project from Statkraft.
Statkraft completed its exit from the sector the following December when it sold its 30 per cent share in the Dudgeon offshore wind farm to a consortium led by China Resources for £555 million.