German energy business Innogy is to sell a 41 percent stake of a wind farm off England’s east coast to Japanese firms J-Power and Kansai Electric Power.
Under the terms of the deal, J-Power will take a 25 percent stake in the £2 billion (US$2.6 billion) Triton Knoll Offshore Wind Farm project, while Kansai Electric Power’s stake will amount to 16 percent. Innogy will hold on to a 59 percent equity interest.
Triton Knoll is located 32 kilometers off the coast of Lincolnshire. It has a planned installed capacity of 860 megawatts. When fully operational, it will be able to supply the equivalent of 800,000 U.K. homes with renewable electricity per year.
Offshore construction for the project is expected to begin in late 2019, with commissioning of the facility due to start in 2021.
“As we continue to grow our offshore portfolio across the globe, the securing of valued, strategic partnerships is a key objective within our strategy,” Hans Bunting, chief operating officer for renewables at Innogy, said in a statement.
“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 realize the Triton Knoll Offshore Wind Farm together.”