Northland Power acquires majority equity stake in North Sea offshore wind farms from RWE Innogy

Toronto / Essen - Northland Power Inc., Toronto, and RWE Innogy GmbH, Essen, have signed an agreement for Northland to acquire an 85% equity stake in three offshore wind projects, consisting of Nordsee One, a 332 megawatt (MW) project currently in advanced development, as well as Nordsee Two and Nordsee Three, which are in early stages of development.

The cooperation between Northland, an independent power producer with long term experience in project development, construction, operation and financing, and RWE, a large, diversified utility with extensive technical resources, represents a new approach to ensure the effective completion of the Nordsee One project.

Nordsee Two and Nordsee Three, also being acquired under this agreement, are early stage development projects totalling approximately 670 MW. They will be developed over the next decade as offshore wind tariffs are extended and the grid infrastructure is made available.

The projects are located 40 kilometres north of Juist Island in German territorial waters, in an area of approximately 100 square kilometres, with shallow water and high wind speeds: ideal conditions for an offshore wind farm. The total estimated project cost of Nordsee One is

Source: IWR Online, 08 Sep 2014