The U.K. arm of Germany's E.ON AG (EOA.XE) and Denmark's DONG Energy said Monday they have bought Royal Dutch Shell PLC's (RDSB.LN) stake in the U.K.'s London Array offshore wind project, giving each company a half share in the project.
Paul Golby, Chief Executive of E.ON UK, said the first phase of the project remains on track to begin operation in 2012. "We're pleased that, together with DONG Energy, we've been able to secure the future of the project," he said.
Shell said in May it would sell its stake in the planned one gigawatt wind farm in order to invest in lower cost onshore wind in the U.S. instead.
Shell has committed to leave its staff in the project until the end of the year to enable a smooth transition and hand over, E.ON said in a statement.