[Originally reported at CleanTechnica] The world’s biggest offshore wind farm was revived yesterday when German-based energy group E.ON and the Danish utility Dong Energy agreed to acquire Shell’s 33% stake in the 1,000-megawatt London Array.
The two firms, which each own a one-third stake in the project will now become 50-50 partners by buying out Shell, the former third partner. Shell decided to withdraw from the London Array project back in May after a strategic review indicated that the project would not bring sufficient rates of return on the investment. Industry-wide cost inflation has raised the cost of the project to more than £2.5bn ($5 billion U.S.), well above the original estimates of £1.5bn three years ago.
The purchase came as a major relief for a British government that is lagging behind the pace it needs to keep for its renewable energy targets of 15% by 2020. The news also came on the day the biggest onshore wind farm in Europe - planned for Scotland - was given final approval (Read More).
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