SSE has agreed to divest 10% stake in the 588MW Beatrice offshore wind farm in the UK to fund management firm Copenhagen Infrastructure Partners (CIP).

wind power

The £3bn wind farm is being jointly developed by CIP, SSE Renewables and Repsol Nuevas Energias in the Outer Moray Firth on the north-western point of the Smith Bank, about 13.5km from the Caithness coastline.

Following completion of the transaction, SSE will continue to operate the project with 40% stake while CIP and Repsol will have 35% and 25% interests respectively.

Terms of the deal were undisclosed.

The agreement follows completion SSE’s 25% stake sale in the offshore wind project to two funds managed by Copenhagen Infrastructure Partners in 2014.

Final investment decision on the project is scheduled in March 2016 while the project is planned to be commissioned in 2019.

Earlier this month, independent Danish energy service company Danske Commodities has signed a long-term agreement to buy 50% of output from the Beatrice offshore wind farm.

Under the terms of the 15-year power purchase agreement, Danske will be managing 50% of the total energy output of the offshore facility, which will include all forecasting and trading activities for 294MW of green power.

Expected to generate clean energy required to meet the needs of approximately 477,610 homes, the Beatrice wind project is backed by an early investment deal under the Contracts for Difference (CfD) program by the UK Government.

Image: Danske Commodities will purchase 50% of power generated from the Beatrice offshore wind farm in UK. Photo: courtesy of SSE.