The Lincolnshire-based Triton Knoll Offshore Wind Farm has been awarded a Contract For Difference (CfD in the latest government auction.
Following the success, the project will now progress towards a financial investment decision likely in 2018, with full onshore construction starting shortly after, and offshore in 2020.
Project joint owners innogy and Statkraft said the success, announced on Monday, September 11, was excellent news for both consumers and the renewables industry.
First energy generation could be as early as mid-2021, with the project expecting to be fully operational in 2022.
For innogy, a 50% owner of Triton Knoll, the project’s auction success is a cornerstone of the company’s growth strategy.
Peter Terium, CEO of innogy SE, said: “I am very pleased that Triton Knoll has been successful in the latest UK auction.
“Together with our partner Statkraft, we have passed an important milestone on the way to realising our offshore wind power project and also proved that we can be successful in a very competitive market environment.”
Christian Rynning-Tønnesen, Statkraft CEO, said: “We are delighted with the successful outcome for Triton Knoll in the CfD auction, which demonstrates the combined expertise of the two partners.
“As Europe’s largest generator of renewable energy, Statkraft plays a substantial role in driving forward developments in the renewables industry both in the UK and other markets around the world.”
James Cotter, Triton Knoll Project Director added: “Triton Knoll will be one of the most cost effective wind energy projects in UK waters, delivering an expected minimum of at least 800,000 homes equivalent of sustainable, renewable energy.
“It will benefit local and UK businesses as we aim to deliver around 50% UK content from our investment across the project’s lifecycle, and can help nurture skills for the future.”
The project will be located approximately 32km off the Lincolnshire coast and 50km off the coast of North Norfolk.
It has consent to install almost 60 kilometres of onshore underground export cable, and a new substation near Bicker Fen.
The likely overall capital expenditure investment in much needed UK energy infrastructure will be around £2 billion.