JLL advises J-POWER on offshore wind partnership with innogy

JLL advises J-POWER on offshore wind partnership with innogy

August 13, 2018

JLL has advised J-POWER's UK based investment company JP Renewable Europe on the acquisition of a 25% stake in Triton Knoll offshore wind farm from innogy Renewables UK Limited, the UK operating renewables business of German energy company innogy. Japanese electricity provider J-POWER will procure a part of its investment funds for the transaction by issuing preferred equity to Development Bank of Japan Inc. (DBJ).

Triton Knoll is an 860MW construction-ready project in the Greater Wash area of UK coastal waters along the East coast of England. It was awarded a Contract for Difference by the UK government in 2017 at a price of 74.75 per megawatt-hour. Offshore construction is expected to start in late 2019 with commissioning expected to begin in 2021. Once operational, Triton Knoll will have the capacity to generate enough clean energy to power 800,000 homes. Triton Knoll expects to install powerful 90 MHI Vestas' V164-9.5 MW turbines at the site.

Leading independent German energy company innogy, provides energy to 22 million customers across Europe and reported revenue of 43 billion in 2017. Triton Knoll will be its ninth offshore wind farm project.

J-POWER believes that its participation in the project will provide the company with valuable expertise in the construction, operation and maintenance of offshore wind power farms. Taking advantage of this benefit, J-POWER will accelerate its commitment to promoting its renewable energy business in Japan and across the world.

Dominic Szanto, director and head of offshore wind in JLL's Energy and Infrastructure Advisory group, added: "This is a substantial milestone in the globalisation of the offshore wind industry and signifies the importance of renewable energy to the Japanese economy. We expect deals between experienced European offshore wind operators of the stature of innogy and companies such as J-POWER to become more prevalent in the near future, and for offshore wind expertise to be a major export for the UK and broader European economy."