United Kingdom

United Kingdom

Innogy buys Statkraft's Triton Knoll stake

UK: Innogy has become the sole owner of the planned Triton Knoll wind project after buying Statkraft's 50% share in the 860MW site.

MHI Vestas V164-9.5MW turbines will power Innogy's Triton Knoll project
MHI Vestas V164-9.5MW turbines will power Innogy's Triton Knoll project

Innogy stated it would "review all options" about ownership of the site, indicating that it is looking for another investment partner. It will continue to develop the project before reaching a final investment decision (FID), which it expects to make by mid-2018.

Statkraft said the sale was part of the company’s strategy to divest its offshore wind assets and focus on "renewables like hydropower, onshore wind, solar, district heating and other new renewable energy technologies".

Both sides of the share acquisition have agreed to maintain confidentiality regarding the purchase price.

Hans Bünting, COO of Innogy Renewables, said: "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 secured support to build the Triton Knoll project off England’s east coast in the UK’s second renewables auction in September. The planned 90-turbine, 860MW site was awarded contract for difference (CfD) of £74.75/MWh (€86/MWh) — at 2012 prices — and will be delivered in 2021/22.

MHI Vestas was announced as the preferred turbine supplier for the project, with its V164-9.5MW model nominated.

Offshore divestment

Innogy had initially partnered with Statkraft in February 2015 to jointly develop Triton Knoll, then planned to be 900MW in capacity.

But the Norwegian company announced in December 2015 that it would make no new investments in offshore wind. Since then it has also divested its 25% share in the Dogger Bank projects, and is seeking opportunities to offload shares in Sheringham Shoal and Dudgeon, the company said.

Olav Hetland, senior vice president for wind power in Statkraft, added: "We are very proud of what we have achieved together with our partner in the Triton Knoll project.

"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."

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