German giant rescues UK windfarm project
Energy conglomerate E.ON and Danish partner Dong have stepped in to finance a pioneering renewable energy project in the UK
Berlin -- Europe's biggest utility group E.ON AG said Monday it had joined Danish power group Dong Energy to take control of the world's largest offshore wind farm.
E.ON and Dong are to become 50.50 partners in the London Array offshore wind farm after buying out Shell's stake in the project.
German-based E.ON plans to invest 6 billion euros (9.5 billion dollars) worldwide on renewable energy and climate protection projects by 2010. The group already operates three offshore wind parks.
The 1,000 megawatt London Array park is located about 15 kilometres from the Kent and Essex coasts in the estuary of the River Thames.
Shell had been keen to sell its stake in the project due to concerns about profitability and disagreements with the UK government.
E.ON said that it is hoped that the first stage of the project will be completed by the end of 2012.