Germany’s Innogy to sell stake in its $2.6 bln offshore wind farm Triton Knoll

German energy group Innogy plans to sell a 41 percent stake in its 2 billion pounds ($2.6 billion) offshore wind farm Triton Knoll to Japan’s Electric Power Development and electric utility operator Kansai Electric Power.

The move helps Innogy secure funding for the project, which will result in one of Europe’s largest offshore wind farms, and gives the Japanese firms a stake in a regulated energy infrastructure asset on the continent.

Electric Power Development Co, which is operating under the name J-Power, will take a 25 percent stake while Kansai Electric will get 16 percent. Innogy will remain majority owner of the 860-megawatt project with a remaining stake of 59 percent.

Japanese energy company JP Renewable, through which J-Power will participate in the deal, will procure a part of its funds by issuing preferred equity to Development Bank of Japan.