British energy giant Centrica has agreed to sell a wind project it was planning to build off the east coast of England to DONG Energy for £50 million.
The Danish firm fully owns the Race Bank project, which is expected to have a capacity of up to 580MW – enough to power around 450,000 homes.
This confirms earlier reports the British Gas owner was preparing to abandon plans for the offshore wind farm.
The project already has most of the permits it needs and building could start in 2017.
Samuel Leupold, Executive Vice President of DONG Energy Wind Power said Race Bank could help the energy firm’s target of constructing 6,500MW by 2020.
He added: “The addition of up to 580MW to our UK project portfolio underlines our commitment to the UK market in general and to the UK offshore wind sector in particular.”
A final decision to build the project however depends on its successful development, DONG Energy said.