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Innogy in talks with potential partners over $2.8 billion wind farm

Innogy in talks with potential partners over $2.8 billion wind farm

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With about 860 megawatts of generating capacity, Triton Knoll is due to go live in 2021 and is expected to supply the equivalent of 800,000 British households with renewable electricity.

ESSEN, Germany: German energy group Innogy is trying to win financing partners for its planned 2 billion pound ($2.8 billion) British offshore wind farm Triton Knoll, a group executive said.

With about 860 megawatts of generating capacity, Triton Knoll is due to go live in 2021 and is expected to supply the equivalent of 800,000 British households with renewable electricity.

“We are in talks with several interested parties. We won’t do this alone,” Hans Buenting, board member in charge of Innogy’s renewable business, said, adding that the group could keep either a minority or majority stake in the project.

Innogy, majority owned by utility RWE, expects to make a final investment decision about Triton Knoll by the end of June.

For 2017, Innogy’s renewable business is expected to have contributed about 12.5 percent, or 350 million euros ($429 million), to its total adjusted operating profit, with profits to remain stable this year before growing from 2019, he said.

Innogy also plans to expand its business further in the United States, where it signed a deal last month to buy onshore wind power projects with more than 2 gigawatts of capacity.

“The U.S. market is one of our most significant growth markets for renewable energy,” Buenting said. He declined to comment on the sudden departure of former Chief Executive Peter Terium, who stepped down last month just days after a profit warning. ($1 = 0.8153 euros)

Source: Reuters
Anand Gupta Editor - EQ Int'l Media Network

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