Innogy sells minority stakes in Triton Knoll

Innogy Renewables UK has announced plans to sell 41% of its Triton Knoll offshore wind farm. It will sell 25% to JElectric Power Development of Japan (operating under the name J-Power), through its subsidiaryJP Renewable Europe Company, and 16% to Kansai Electric Power, through its subsidiary KPIC Netherlands B.V. Innogy will retain the majority equity stake (59%). JPREC will procure a part of its investment funds by issuing preferred equity to Development Bank of Japan.

Triton Knoll has a planned installed capacity of 860MW.Closing of the transaction is subject to the approval of the Supervisory Board of innogy SE and financial close with the debt funding of the Triton Knoll project, which is expected in the third quarter of 2018.

The project was one of three offshore wind projects awarded a 15 year contract for difference last October.