RWE sells 85% of Nordsee trio

RWE Innogy has signed an agreement to sell an 85% stake in three German offshore wind parks to Canadian power producer Northland Power.

Under the deal, which covers Nordsee 1, 2 and 3 in the North Sea, RWE is keeping a 15% stake, "in line with its strategy of seeking investor help for pricey offshore projects".

"As part of RWE Innogy's 'capital light' strategy going forward, we are going to share the capital required for offshore projects through partnerships," says RWE Innogy chief executive Hans Bünting.

The €1.2bn ($1.56bn), 332MW Nordsee 1 is in advanced development. Financial close is expected in the first half of next year, with in-water construction at the 54-turbine project starting early in 2016.

Nordsee 2 and 3, totalling 670MW, are in early stages of development.