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Innogy sells stake in $2.6 billion wind project to Japanese firms

Staff Writer | August 13, 2018
German energy group Innogy will sell a 41 percent stake in its 2 billion pound ($2.6 billion) offshore wind farm Triton Knoll to Japan’s Electric Power Development Co and Kansai Electric Power Co.
Energy   Innogy will remain majority owner
Electric Power Development Co, which is operating under the name J-Power, will take a 25 percent stake while Kansai Electric will get 16 percent. Innogy will remain majority owner of the 860 megawatt project with a remaining stake of 59 percent.

JP Renewable Europe Company, through which J-Power will participate in the deal, will procure a part of its funds by issuing preferred equity to Development Bank of Japan, Innogy said.

Innogy said it expects the debt funding of the Triton Knoll project, to be located 32 kilometers off the coast of Lincolnshire and large enough to power 800,000 British households, to close in the third quarter of 2018.