Innogy SE is divesting 41% of the equity interest in its 860-MW Triton Knoll offshore wind project in the U.K., with Japanese utilities Electric Power Development Co. Ltd. and Kansai Electric Power Co. taking stakes of 25% and 16%, respectively.
The investment is worth approximately £2 billion and Innogy expects the project to come online in early 2021, according to a press release. The transaction is subject to approval by Innogy's supervisory board and the completion of debt funding for the project, which the company expects in the third quarter of 2018.
Triton Knoll's remaining 59% stake will be retained by the German energy group, which also is managing construction as well as operation and maintenance.
Triton Knoll was awarded a 15-year contract for difference during the U.K. government's latest auction round in September 2017. The project, off the coast of Lincolnshire in the east of England, will be comprised of 90 Vestas Wind Systems A/S 9.5-MW turbines.
Innogy, whose renewables business is set to be transferred to German utility RWE AG under a planned asset swap deal, said on Aug. 10 that reduced power generation because of lower wind speeds, especially in the U.K., weighed on its earnings for the first six months of the year.