HomeRenewablesWindRWE Innogy opts to sell North Sea wind portfolio for $1.6bn

RWE Innogy opts to sell North Sea wind portfolio for $1.6bn

Northland Power is to buy 85 per cent of offshore wind power projects from top German utility, RWE, at an estimated cost of $1.6bn.

Nordsee One, the advanced 332 MW project will be sold along with the early stage Nordsee Two and Three wind power projects with a combined capacity of about 670 MW.
Offshore wind
The two latter wind projects “will be developed over the next decade,” the companies said today in a statement without giving a price. The wind farms are 40 kilometers (25 miles) north of Germany‘s Juist Island.

“Today’s agreement marks the first important milestone on the way to realize the Nordsee One offshore wind project,” Hans Buenting, Innogy chief executive officer, said in the statement.

The companies expect to start construction offshore in 2016 and commercial operation by the end of 2017.