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RWE Innogy is seeking a new equity partner for Galloper offshore windfarm, following SSE’s shock withdrawal last month.
The German-owned renewable developer “remains committed” to the 340MW project and both companies will continue to develop the finance strategy, a spokesperson for RWE Innogy said.
The windfarm, off the Suffolk coast, got development consent last May and is expected to involve £18 million to £20 million of investment.
SSE is pulling out of four offshore wind schemes in a bid to “streamline and simplify” the business, while freezing prices for household customers. It said Galloper was not expected to offer a competitive return compared to its other investments.
A spokesperson for RWE Innogy said: “SSE and RWE Innogy have agreed to jointly continue the development of the Galloper project, whilst at the same time seeking a new strategic equity partner for SSE’s share in the project.
“RWE Innogy remains committed to the Galloper project and both companies will continue to progress the ongoing equity and project financing strategy, which is an integral part of the final investment decision process.”
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