Statkraft sells Triton Knoll offshore wind farm stake to joint venture partner Innogy

By Grimsby Telegraph | Posted: 10 Oct 2017

INNOGY has taken sole ownership of Triton Knoll offshore wind farm.

The German utility giant has bought out Norwegian company Statkraft’s share in what is an undisclosed deal for the fully consented project, which received Government subsidy support last month.

Triton Knoll has been managed by Innogy, previously RWE, throughout the lengthy development process.

To be built off the Lincolnshire coast, with Able Marine Energy Park at North Killingholme the preferred port base, the company has made it clear the future ownership structure will be reviewed further, and it comes as investors are attracted earlier to the burgeoning offshore wind energy sector.  

Hans Bünting, chief operating officer for renewables at Innogy, 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.”

With a strike price of £74.75 agreed last month, Triton Knoll is one of the most cost-effective and most competitive offshore wind projects to be brought forward, only beaten by Dong Energy’s Hornsea Project Two, anticipated to be built a year later, at a rate of £54.50. 

At 860MW the £2 billion project will be able to supply the equivalent of 800,000 UK homes with green electricity.

Innogy said a final investment decision for Triton Knoll is expected to be made in mid-2018, and that “until then the financing process will be finalised and contracting agreements completed with the project’s supply chain partners”. 

So far, preferred suppliers for turbines, foundations, substations and offshore cables have been unveiled. The MHI Vestas 9.5MW turbine has been selected, along with Siemens substations, to be built out on monopile foundations manufactured by a joint venture of Sif Netherlands and Smulders Projects Belgium. All offshore foundations and the two offshore substations are to be installed by MPI Offshore. A consortium of NKT and VBMS shall supply the offshore cables.

Extensive onshore work is underway around the cable corridor, with the team recently designing out some electrical infrastructure to ease the impact on the area as it feeds into the national grid at Bicker Fen, near Boston, reaching land just north of Anderby Creek. 

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