ScottishPower Renewables has made a final investment decision on the East Anglia ONE offshore wind farm, which is set to be one of the largest wind parks in the world.
The 714 MW, £2.5 billion (US$3.47 billion) project offshore East Anglia, England, is expected to be operational by 2020.
The project's approval will trigger a £25 million deal with the Port of Lowestoft to be the home of the windfarm for 30-plus years, during construction and operation.
ScottishPower Renewables says it is committed to making East Anglia ONE the most cost efficient offshore windfarm constructed. The price of £119 MWh was secured after a competitive auction process run by the Government, and is more than 15% lower than other offshore wind projects in construction elsewhere in the UK.
Charlie Jordan, ScottishPower Renewables East Anglia ONE project director, comments: “Offshore wind has proven itself as a technology that works, and the more offshore wind capacity we have in the UK, the more secure our energy supplies will be."
East Anglia ONE is the first of four windfarms ScottishPower Renewables is planning to build off the East coast.