Innogy agrees sale of 41% stake in Triton Knoll offshore wind project to J-Power and Kansai Electric Power
Innogy has signed an agreement with Electric Power Development Co., Ltd. (known as J-Power) and Kansai Electric Power for the offloading of 25% and 16% stakes, respectively, in the 860 MW Triton Knoll offshore wind project. The project concerns the installation of 90 MHI Vestas V164-9.5 MW turbines off the coast of Lincolnshire, in the North Sea, UK.
The agreement with J-Power is signed with its unit JP Renewable Europe Company (JPREC). JPREC will procure a part of its investment funds by issuing preferred equity to Development Bank of Japan Inc. The deal with Kansai Electric Power Co., Inc., on the other hand, was signed through its unit KPIC Netherlands B.V.
The closing of the transaction is subject to the approval of the Supervisory Board of Innogy SE and financial close of the debt funding of the Triton Knoll project, which is expected in the third quarter of 2018.
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