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Innogy acquires Statkraft’s 50% stake in 860MW Triton Knoll wind project

EBR Staff Writer Published 11 October 2017

Germany’s Innogy has acquired Norwegian state-owned utility Statkraft’s 50% stake in the 860MW Triton Knoll offshore wind project in the UK, for undisclosed amount.

Following the deal, Innogy became the sole owner of the project which is estimated to cost about £2bn.

The wind farm will be located about 32km off the coast of Lincolnshire in the east of England and will be equipped to produce enough electricity to power at least 800,000 UK households.

As a sole owner and manager, Innogy plans to make final investment decision for the wind project in mid-2018.

Innogy Renewables COO Hans Bünting said: “With full control over Triton Knoll, we will now develop the project further to final investment decision at our own discretion. In due course, we will also review all options regarding the ownership structure of Triton Knoll to maximize value for our company and our shareholders.”

The sale is a part of Statkraft’s effort to exit and make no new investments in offshore wind business as announced in December 2015.

However, Statkraft aims to focus on developing hydropower, onshore wind, solar, district heating and other new renewable energy technologies.

Statkraft wind power senior vice-president Olav Hetland said: “As Europe’s largest generator of renewable energy, Statkraft will continue to play a substantial role in driving forward developments in the renewables industry both in the UK and other markets around the world.

“We believe the future of onshore wind in the UK to be very positive, and fully expect the UK government to grasp the opportunity for further onshore wind development through future CfD auctions.”

The Triton Knoll offshore wind project had recently secured Contract for Difference (CfD) by the UK Department for Business, Energy & Industrial Strategy (BEIS).

Innogy is planning to commence offshore construction for Triton Knoll project by 2020 and start operations in 2021.

Image: MPI will install 92 foundations and 2 offshore substations for the Triton Knoll project offshore UK. Photo: courtesy of Triton Knoll Offshore Wind Farm Ltd.