Innogy, the renewables arm of ailing German utility RWE, on Thursday announced that it had sold an 85% stake in its Nordsee One, Two and Three projects, as it embraces a “capital light” strategy that will see it adopt something closer to a project developer model.

The deal further cements Toronto-based Northland’s position as emerging global offshore wind heavyweight, following its purchase a year ago of a majority stake – since upped to 60% – in the 600MW Gemini project being built in the Dutch North Sea.

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