Innogy has cashed in on its lucrative subsidy deal for the Triton Knoll offshore wind farm by selling a stake in the £2 billion project to Japanese investors. The German energy group said it had sold a 25 per cent stake in the proposed development off the east coast of England to J-Power and a 16 per cent stake to the Kansai Electric Power Company for an undisclosed sum. Analysts said the Japanese companies were likely to have paid several hundred million pounds for the stake, in addition to the £800 million they will pay for their share of construction costs. In return they will share in a generous subsidy contract, awarded by the government last year, which guarantees Triton Knoll a fixed price for the electricity it generates for 15 years. Innogy, which is listed in Germany and produced revenues of €43 billion last year, is a leading wind farm developer and owns Npower, the UK household energy supplier. The Times revealed this year that Triton Knoll had been awarded a higher subsidy price than Innogy asked for as a result of a government tender process that was subsequently criticised by the National Audit Office. Triton Knoll is due to comprise 90 turbines that will be installed about 32km off the Lincolnshire coast. Each turbine is expected to have a capacity of 9.5 megawatts, making them the most powerful installed in British waters.
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