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Sofia CfD success for innogy

By: Tom Russell 20/09/2019 innogy

General Windfarms

innogy SE moved a step closer to the realisation of what is currently its largest development project Sofia, an offshore wind project with a consented installed capacity of up to 1.4 GW. The company secured a contract from the UK Department for Business, Energy & Industrial Strategy (BEIS) the latest contract for Difference (CfD) auction round to support renewable energy projects.

This means that the project can now progress towards the final investment decision and into construction. With a price of £39.65/MWh, this third allocation round has seen the lowest ever price for offshore wind in the UK.

Hans Bünting, COO Renewables of innogy SE, explains: “I am very pleased that Sofia, the largest project in our offshore wind portfolio, has been successful in the latest UK auction. We have passed an important milestone on the way to realising Sofia wind farm and also proved that we can continue to be successful in a very competitive market environment. Sofia’s auction success confirms the excellent work the team has done in recent years. Thanks to our extensive know-how in the development as well as the construction and operation of complex offshore projects and our varied research and development activities we have succeeded in developing a valuable project and in further reducing the costs for offshore wind energy in the UK.”

The consented wind farm, located 195 km off the UK coast on Dogger Bank in the North Sea, is in relatively shallow water depths of 21 to 36 metres. The final investment decision for Sofia is expected to be made during 2020, when contracting agreements with prospective supply chain partners will be completed. The external financing process will then be finalised.

Onshore works are scheduled to begin in 2021, with offshore construction getting underway from 2022. First power is due to be generated in 2024/25 and on the current schedule, the wind farm would be fully operational by the end of 2026.

Once in operation, the total amount of power Sofia could generate would be enough to provide almost 1.2 million average UK homes with their annual electricity needs. The planned investment volume is in the region of £3 billion. Sofia Offshore Wind Farm is 100% owned by innogy SE. innogy will review all options regarding the ownership and financing structure of the project in order to maximise value for the company and shareholders.

innogy is also developing the 857MW Triton Knoll offshore wind farm 32km off the coast of Lincolnshire in the east of England. The wind farm will enter offshore construction in the first half of 2020 with first power anticipated in 2021. Once fully operational, it will be capable of generating renewable energy to power the equivalent of over 800,000 typical UK households.

For more information on wind farm developments, click here. Alternatively, click here for our interactive map of offshore wind farms, infrastructure and ports.

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Sofia CfD success for innogy

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