German developer Innogy has set out its stall for a €10bn capital investment plan over the next three years that will include onshore and offshore wind as well as solar.
Chief operating officer Hans Bunting told a media briefing in London today that the cash will be used in part to fund a 7GW-plus renewables pipeline in major markets including the UK, Germany and the US.
Bunting said the developer is open to multiple development approaches including bringing in partners and joint venture agreements for all of its new build projects. “The challenges for the next few years are finding the right partners for the right projects,” he said.
Half of the expenditure is already earmarked for maintaining Innogy’s fleet of renewables projects with the remaining funds for “growth investments” including €3.5 billion for new green capacity.
Bunting said this was a “clear ramp up” in activity and will include building out capacity across its technologies “a good share” of which is in the UK.
Innogy will spend the cash building the Contracts for Difference-backed 860MW Triton Knoll offshore project off Lincolnshire where first power is due in 2021.
It is also in pre-auction development work at its 1.2GW Teesside B wind farm in the Dogger Bank, which has been renamed as the Sofia project. Innogy intends bidding the site into the next CfD round scheduled for 2019.
He added the German company has delivered £2bn worth of projects in the last number of years, including the 353MW Galloper offshore wind farm in the UK that is currently undergoing final commissioning.
Image: Innogy is keen on offshore (Innogy)
Innogy plans 7GW building boom
By EBS