The company behind plans for a new offshore wind farm on the Lincolnshire coast has announced a partnership deal to bring the project forward
RWE Innogy has teamed up with Statkraft to develop the Triton Knoll wind farm, which bosses say has the potential to unlock £3-£4 billion in investment and create up to 1,900 jobs.
The deal will see Statkraft take a 50 stake in the UK wind farm, which has an expected capacity of up to 900MW. The development and construction phases will be delivered by a joint RWE/Statkraft project team, managed by Statkraft.
Under the terms of the agreement, no financial details will be disclosed.
RWE Innogy and Statkraft are global leaders in renewable energy, long term investors in the UK renewables sector and together have interest in more than 6,500MW (pro rata) of offshore wind assets.
Welcoming the new partnership, the Secretary of State for Energy and Climate Change, Ed Davey said: “This is another vote of confidence in the world’s number one offshore wind market which is continuing to attract investors from all over the world, creating thousands of green jobs in the process. We have created the right conditions in the UK for the offshore wind industry to flourish and have attracted around £7 billion worth of offshore wind investment since 2010.”
Statkraft executive vice president, Jon Brandsar, said: “This is an important step for Statkraft in delivering on our strategy for offshore wind. Strong partnerships between experienced offshore wind players are crucial for a successful industry. This transaction establishes RWE and Statkraft as strong, long-term and complementary partners in delivering offshore wind in the UK”.
RWE Innogy’s head of offshore wind projects, Richard Sandford, added: “This partnership is excellent news for the future of Triton Knoll. It underlines our commitment to this project and our intention to deliver the investment and job opportunities which should flow from the construction and operation of the wind farm. This partnership will not alter our existing commitments or previous arrangements around development of the site and we look forward to continuing our close working relationships with all local partners and stakeholders.”
Triton Knoll received planning consent for the offshore array from the Secretary of State for Energy and Climate Change in July 2013. An application for a onshore cable network and substation is currently being prepared for submission to the Planning Inspectorate later in the spring this year.
Once the project is constructed, it could provide enough electricity to meet the energy needs of up to 800,000 average UK households annually.
Financial close for the project is anticipated to take place in 2017, with onshore construction also expected to commence in the same year.