14 Aug Japanese firms take up close to £1 billion in offshore UK wind farm
A pair of Japanese energy companies – J-Power and Kansai Electric Power – will pay almost £1 billion for a collective 41% stake in a major wind farm located off the East coast of the UK.
Germany firm Innogy is developing the 860MW Triton Knoll Offshore Wind Farm, but has decided to sell a 25% stake in the project to J-Power along with a 16% share to Kansai, although the energy company will hold on to a 59% equity interest.
“As we continue to grow our offshore portfolio across the globe, the securing of valued, strategic partnerships is a key objective within our strategy,” said Innogy’s chief operating officer Hans Bunting.
“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.”
Offshore construction for the £2 billion project is expected to begin in late 2019, with commissioning of the facility due to start in 2021.
When fully operational, Triton Knoll will generate enough renewable electricity to supply 800,000 UK homes a year.