Innogy mulls Triton finance options
Onshore opportunities in the US also being evaluated by German utility
Innogy is assessing several options to commercially optimise the 860MW Triton Knoll offshore wind farm off the east coast of the UK, such as partnership models and financial structures.
The German utility said the planned cost is approximately £2bn (€2.2bn), with a final investment decision expected to be made in mid-2018.
Onshore works are scheduled to start next year to provide the wind farm with a grid connection.
Innogy made the announcement today as part of its budget plans for 2018, which will see over €3bn in capital expenditure spent next year up 25% on 2017.
The company will also look to grow its onshore wind business with a strong focus on the US, where “concrete investment opportunities are currently being evaluated”.
It is also exploring options in solar markets.
Innogy expects the renewables division to post earnings of around €350m next year, similar to this year.
The €350m figure is based on normalised wind conditions, with below-average wind and rainfall “weighing on earnings” in the current financial year, the company said.
The one-time impact of revaluing Triton Knoll following the initial full consolidation in 2017 will also have a “counteracting effect”, Innogy said.