Centrica and DONG Energy today announced they have formed a joint venture to co-develop offshore wind farms in the Round 3 Irish Sea Zone, which has a potential capacity of 4.2GW
Building on a strong business relationship
The joint venture further cements the relationship between two of the UK’s leading offshore wind farm developers, which together have around 1GW of offshore wind capacity installed or under construction in the UK. Centrica and DONG Energy already hold joint interests in the Barrow and Lincs offshore wind farms.
The two companies will work together to develop different projects in the zone on a 50/50 basis with construction management of the projects alternating between the parties. For the first project under Centrica’s management, a final investment decision is expected in 2016.
Mark Hanafin, Managing Director of Centrica Energy, said: “Creating this joint venture with DONG Energy is a logical step that will combine both companies’ expertise and scale to help realise the full potential of the zone. The partnership forms part of our strategy to deliver value from our growing upstream business.”
Part of a strategy
Carsten Krogsgaard Thomsen, acting CEO of DONG Energy said: "This marks DONG Energy’s second entry into a Round 3 project and Centrica is a natural partner for us as we already have a good working relationship with them from previous projects. The partnership also further cements our position as one of the leading players in the UK offshore wind market. It is a strategic addition to our long-term pipeline of projects which contributes to the industrialisation of the offshore wind business and bringing down costs."
Source: DONG Energy