VIDEO: Multi-billion pound deal for Triton Knoll Offshore Wind Farm

A partnership deal worth up to £4 billion has been struck for the Triton Knoll Offshore Wind Farm - with about 1,900 UK jobs set to be created.

RWE Innogy and Statkraft have signed an agreement to jointly develop the wind farm, off the east coast of Lincolnshire.

RWE Statkraft partnership signing - Richard Sandford and Bjorn Drangsholt

RWE Statkraft partnership signing - Richard Sandford and Bjorn Drangsholt

The deal will see Statkraft take a 50 per cent 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 and, drawing upon the competencies of both companies. 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.”

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 a Development Consent Order (DCO) for the offshore array from the Secretary of State for Energy and Climate Change in July 2013 and an application for a DCO for the Electrical System 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 annually2.

Economic benefits have already begun to flow from the project with over £20million already invested in the UK during the development process. The economic benefits from the construction and operation of the project will be significantly more, creating around 1,900 UK jobs during construction from a total potential investment of around £3-4 billion.

Financial close for the project is anticipated to take place in 2017, with onshore construction also expected to commence in the same year.