Danish energy company Ørsted has signed a power purchase agreement (PPA) with German developer innogy for the £2bn Triton Knoll offshore wind farm in the UK.
As per the terms of the agreement, Ørsted will offtake 100% of the power generated by Triton Knoll offshore wind farm for a period of 15 years.
Ørsted Customer Solutions executive vice-president Morten Buchgreitz said: “Ørsted acknowledges innogy as one of the most successful European energy companies. As we do ourselves, innogy relies on the expansion of renewable energy to grow its business activities and fight climate changes.
“Therefore, I’m proud that innogy and its partner companies have entrusted us to handle a 15-year power purchase agreement. I’m very much looking forward to our cooperation.”
The Triton Knoll offshore wind farm has a planned installed capacity of 860MW and the commissioning of the farm is expected in 2021. It will be installed with 90 of MHI Vestas’ V164-9.5 MW turbines.
Once operational, the wind farm will generate enough clean energy to power more than 800,000 UK households annually.
In a separate development, innogy has achieved financial close to build the offshore wind farm with loans worth £1.75bn from an international consortium of 15 commercial banks.
innogy Renewables COO Hans Bünting said: “With the signing of this PPA with Ørsted and the financial closure, which we’ve reached today, we’re confident that our flagship Triton Knoll Offshore Wind Farm has robust, financial security at its heart.”
Last month, innogy agreed to sell 41% of its Triton Knoll offshore wind farm to two Japanese utilities, namely Electric Power Development Co (25%), and Kansai Electric Power Co (16%).