German utility RWE AG (RWE.XE) Monday said it will acquire a 26.72% stake in Thornton Bank, an offshore wind park off the Belgian coast, becoming the largest single shareholder in the project.
RWE Innogy, the renewable energies unit of RWE, in a written statement said it will acquire a 20.22% stake in C-Power, the developer and operator of Thornton Bank, from Belgium-based investment firms Socofe and Ecotech Finance.
The investment companies will retain a 20% stake in C-Power, it added.
RWE Innogy will acquire a further 6.5% in the wind project from other shareholders, including EDF Energies Nouvelles, which is 50% owned by France's Electricite de France SA (EDF.FR).
Financial details of the transaction weren't disclosed. A spokeswoman for RWE Innogy said the purchase price and investment volume for Thornton Bank are confidential information.
The Thornton Bank offshore wind power plant is expected to reach a total generation capacity of up to 300 megawatts, enough to supply around 600,000 people with electricity. It will be equipped with 5 MW wind turbines, the largest available on the market.
The first six turbines have already been installed for testing purposes. The wind park will be completed over four installation phases by 2013.