Northland Power and RWE Innogy have signed an agreement for Northland to acquire an 85% equity stake in three offshore wind projects, consisting of Nordsee One, a 332MW project currently in advanced development, as well as Nordsee Two and Nordsee Three, which are in early stages of development.
Nordsee Two and Nordsee Three are early stage development projects totalling approximately 670MW. 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. The total estimated project cost of Nordsee One is € 1.2 billion. The Nordsee One project will continue to be developed and the partners expect to reach a final investment decision and financial close in the first half of 2015, with in-water construction anticipated to begin in 2016. The project is expected to be completed by the end of 2017.
