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Innogy becomes sole owner of massive offshore wind project

Ina Fassbender | DPA | Getty Images

German energy business Innogy has announced it has acquired Statkraft's 50 percent share in the Triton Knoll offshore wind project.

The Essen-based company said Tuesday that it was now the sole owner of the project, which has a planned installed capacity of 860 megawatts. Both Innogy and Norway's Statkraft have agreed to keep the purchase price confidential.

Innogy added that the farm, which is set to be located 32 kilometers off the east coast of England, was expected to supply the equivalent of 800,000 U.K. homes with renewable electricity annually. The company said the planned investment volume for the project amounted to around £2 billion ($2.64 billion).

"With full control over Triton Knoll, we will now develop the project further to final investment decision at our own discretion," Hans Bunting, Innogy's chief operating officer for renewables, said in a statement.

"In due course, we will also review all options regarding the ownership structure of Triton Knoll to maximize value for our company and our shareholders," he added.

The project's onshore works are set to commence in 2018, with offshore work due to start in 2020. Innogy said that it expected Triton Knoll to be commissioned in 2021.