£2bn Lincolnshire wind farm takes a step closer as Japanese take stake

A £2bn windfarm off the Lincolnshire coast has taken a step closer after two Japanese energy firm paid £1bn for a 41% stake in the project.

German firm Innogy has sold the stake in its Triton Knoll project to J-Power and Kansai Electric Power, who will own 25% and 16% respectively.

Triton Knoll will earn its owners £74.75 per megawatt-hour of electricity produced.

The construction of the windfarm will start next year and by 2021 will create enough energy to power 800,000 homes.

Hans Bunting, chief operating officer for renewables at Innogy, said: “As we continue to grow our offshore portfolio across the globe, the securing of valued, strategic partnerships is a key objective within our strategy.

“With J-Power and Kansai Electric Power we have found experienced and reliable partners and we are delighted to be working with them to successfully realize the Triton Knoll Offshore Wind Farm together.”