Japanese energy company Marubeni Corp. said Monday it secured the financing necessary to support development of a 210-megawatt wind farm off the British coast.
Marubeni in April acquired a 50 percent stake in the project from its counterparts at DONG Energy Inc., a Danish company focused on offshore wind energy development.
The Japanese company said it reached an agreement with a consortium of British lenders to raise the $620 million needed for the project's development.
Marubeni said the Westernmost Rough Offshore Wind Power project is part of a business strategy aimed at supporting the global need for low-carbon power solutions.
The Westermost Rough Offshore Wind Farm will sit about 15 miles offshore and use 25 wind turbines developed by German energy company Siemens. With a capacity of six megawatts each, project developer DONG says this is the first time turbines of this size are deployed on a large scale.
Marubeni said the project is under construction off the coast of Yorkshire. The wind farm should begin commercial operations next year.
British government data show renewable energy's share in electricity generation increased 7 percent year-on-year to 19.4 percent.
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