Innogy Likely to Sell Stake in Sofia Wind Project

Wednesday, January 23, 2019

Germany's Innogy is likely to sell a stake in its Sofia offshore wind project in Britain, once a subsidy is secured, the company's chief operating officer for renewables said.

Innogy plans to enter the 1,200 megawatt Sofia project into Britain's next offshore wind subsidy auction in May, and once built in the mid to late 2020s, it could generate enough electricity to power around 1 million homes.

"We would take it certainly though the CfD (contracts-for-difference) bidding process and towards financial investment decision … then potentially bring in partners," Paul Cowling, UK managing director for offshore wind told journalists.

Under the CfD subsidy scheme, renewable projects bid for a guaranteed minimum price at which they can sell electricity.

Innogy last year sold a 41 percent stake in its $2.6 billion Triton Knoll British offshore wind project, which has secured a CfD subsidy, to Japan's Electric Power Development Co and Kansai Electric Power Co.

Innogy would like to take a similar path for Sofia as selling a stake would help it de-risk the project from its balance sheet and reduce the overall cost of capital of the project, Innogy COO Hans Bunting told the same briefing.


(Reporting by Susanna Twidale; Editing by Alexander Smith)

Categories: Offshore Energy Renewable Energy Europe Renewables

Related Stories

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Current News

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com