Swedish company Vattenfall has announced it will build a 406MW offshore wind farm in Denmark.
The ‘Horns Rev 3’ project is said to be the largest of its kind in the country and is expected to generate enough electricity to power 400,000 homes.
The company is investng €1 billion (£0.77bn) in the offshore wind farm located off the west coast of the country.
Construction is due to start and it will be commissioned in 2018.
Gunnar Groebler, Head of Vattenfall Wind said: “Horns Rev 3 is a real milestone for us, it clearly shows that competition is a suitable way to reduce costs for offshore wind significantly. Horns Rev 3 is the cheapest recent offshore project and the experience we have gained from our other wind projects had a very positive impact. This project underlines our ambition to lead the industry in a highly competitive market environment.”