Canada-based energy giant Enbridge has signed an agreement to acquire 24.9% stake in the 400MW Rampion wind project with E.on for C$750m ($569.8m).
The deal for the offshore UK wind project includes all interest during construction, transaction costs and a development fee.
E.on Climate & Renewables UK, a subsidiary of E.on subsidiary, is the developer for the project, which can meet the energy requirements of around 300,000 homes when operational.
Expected to cost around €1.9bn ($2bn), the project will have up to 116 Vestas V112-3.45 MW turbine installations.
The wind farm is located off the Sussex coast and had construction works initiated in September.
E.on expects to complete construction of the renewable energy project by 2018.
Following this, Enbridge will hold 24.9% interest in the project, which will have E.on as the majority owner having 50.1% stake. The remaining 25% stake is owned by UK Green Investment Bank.
Enbridge president and CEO Al Monaco said: "Rampion provides a timely and effective entry point to the European offshore wind business and it supports our objective of developing new platforms, which extend and diversify our industry leading growth beyond 2019."
UK Green Investment Bank’s head of investment banking Ed Northam said: "Securing Enbridge’s first investment in offshore wind is a major success for Rampion and the wider development of green infrastructure projects in the UK.
"The company’s background in North American renewables and pipelines complements the expertise of the existing shareholder group."
The offshore wind project falls under the UK’s fixed price Renewable Obligation Certificates programme and is also supported with a 15-year power purchase agreement.
Image: The project will have up to 116 Vestas V112-3.45 MW turbine installations. Photo: courtesy of xedos4./FreeDigitalPhotos..net.