RWE, Statkraft Advance $3.5 Billion U.K. Offshore Wind Farm

RWE AG and Statkraft AS said they’d bid for a U.K. clean-energy subsidy after getting full planning permission for a 900-megawatt offshore wind farm.

Energy Secretary Greg Clark on Tuesday approved a plan for an onshore electrical system to receive power transmitted from the Triton Knoll farm to England’s east coast. The consent was the final piece needed for the companies, which received permission to build the turbines in 2013, to bid in a planned government clean-energy auction.

“Today’s announcement by Greg Clark is an important milestone in the development,” said Triton Knoll manager Melissa Read. The project can now “confidently move forward creating business opportunities,” she said.

Triton could cost $3.5 billion to build, according to Bloomberg New Energy Finance. While it’s being built, the project may create more than 800 jobs in the Humber region, according to the RenewableUK industry group.

“The developers of this major infrastructure project are working hard to ensure that British supply chain companies will reap the economic benefits on offer from Triton Knoll.” said Maf Smith, RenewableUK deputy chief executive said in a statement.

Bidding in the first of three planned U.K. auctions may take place in 2017 after originally set to take place this year. The delay could draw questions about how the U.K. plans to approach infrastructure investments in the wake of its decision to leave the European Union.

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