Danish energy company Ørsted has signed a 15-year power purchase agreement (PPA) with RWE's subsidiary Innogy from the 860 MW Triton Knoll offshore wind park project (United Kingdom), which is expected to come onstream in 2021. Ørsted will offtake 100% of the electricity generated by the power plant once it is commissioned.
Meanwhile, Innogy and its partners have reached financial close for the project and have secured the required investment from a consortium of 15 banks, which provided around £1.75bn (€1.94bn) debt facilities, out of a total planned investment volume expected to amount approximately £2bn (€2.22bn).
Triton Knoll will be located approximately 32 km off the Lincolnshire coast and 50 km off the coast of North Norfolk. The commissioning is scheduled for 2021. The project was awarded a Contract for Difference (CfD) in September 2017 by the UK Department for Business, Energy & Industrial Strategy (BEIS) at £74.75/MWh over 15 years. Statkraft sold its 50% stake in the project to Innogy in October 2017 while Innogy agreed to sell 41% of its 100% stake to the Japanese companies J-Power and Kansai Electric Power. J-Power will acquire a 25% interest through its subsidiary JP Renewable Europe Company (JPREC) and Kansai Electric Power will acquire 16% through its affiliate KPIC Netherlands.