German renewable energy group RWE Innogy has extended its offshore wind power portfolio through the purchase of a minority share in C-Power NV, the developer of Belgium’s first offshore wind farm.
RWE Innogy will have a “significant involvement” in the Thornton Bank wind farm after acquiring 26.72 per cent of C-Power from five shareholders. The Thornton Bank project is fully permitted and will have an installed capacity of up to 300 MW when complete.
The German firm has purchased 20.22 per cent of the shares from Belgian investment companies Ecotech and Socofe, and a further 6.5 per cent share from EDF Energies Nouvelles, Nutsbedrijven Houdstermaatschappij and DEME.
The deal is in line with RWE Innogy’s ambitions to expand its portfolio of offshore wind projects, particularly around the continental European coast. The company already has a strong presence in the UK’s offshore wind market, with projects such as North Hoyle and Rhyl Flats.
Prof. Fritz Vahrenholt, CEO of RWE Innogy said: “Thornton Bank … provides us with an excellent opportunity to not only contribute, but also extend our experience significantly in the offshore sector. This will benefit our ambitious development aims in the offshore sector.”
Ecotech and Socofe will retain 20 per cent of the shares in C-Power and will use the proceeds of the sale to help fund the second phase of Thornton Bank, which is being built 30 km from the coast in water depths of 28 m. The first six turbines have already been installed as part of a pilot phase.
Thornton Bank will consist of sixty 5 MW turbines and is due for completion in 2013. The project will benefit from Belgium’s renewable energy certificate scheme, which guarantees a minimum price for electricity generated by wind farms and other renewable installations.
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