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Innogy becomes sole owner of Triton Knoll offshore wind project

CTBR Staff Writer Published 11 October 2017

Germany-based Innogy has become the sole owner of the 860MW Triton Knoll wind farm in the UK after purchasing partner Statkraft’s 50% stake in the project.

Financial terms of the deal were not disclosed.

The project was recently awarded a contract for difference (CfD) by the UK Government in the latest round of auction. The wind farm was co-owned by Statkraft and innogy Renewables UK.

innogy Renewables chief operating officer Hans Bünting “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 maximise value for our company and our shareholders.”

Innogy said the Triton Knoll wind farm has been a cost effective and highly competitive offshore wind projects in auction in the UK.

The strike price was £74.75 per MW of electricity for more than 15 years. The planned investment for the wind farm is about £2bn and it is expected to supply clean electricity to a minimum of 800,000 UK households every year.

Statkraft stated in December 2015 that it would make no new investments in offshore wind and in March this year, the company sold its 25% stake in the Dogger Bank projects.

In April 2017, it had transferred the operatorship of Sheringham Shoal Offshore Wind Farm to Statoil, and is presently looking for opportunities to divest its stake in Sheringham Shoal Offshore Wind Farm and Dudgeon Offshore Wind Farm.

Statkraft wind power senior vice president Olav Hetland, said: “We are very proud of what we have achieved together with our partner in the Triton Knoll project. Statkraft has played a very successful role in the offshore wind industry since making its entrance in 2009. 

“We have been a leading voice in championing cost reduction for future projects, as well as pioneering innovative developments in operations and maintenance. Both of which will help shape the offshore industry in the next decade.”

Statkraft is divesting its offshore wind assets to focus on growing hydropower, onshore wind, solar, district heating and other new renewable energy technologies.

Final investment decision for the Triton Knoll wind farm is expected to be taken next year. MHI Vestas has been selected as one of the preferred suppliers for the wind turbines.

Onshore works are expected to start in 2018 and begin establishing grid connection. Offshore construction is expected to begin in 2020 and as per current planning, commissioning could take place in 2021.


Image: innogy’s Nordsee One offshore wind farm. Photo: Courtesy of Nordsee One GmbH.