Swedish utility Vattenfall has bought the 584MW Atlantis I offshore wind project in the German North Sea from PNE Wind AG.
The Atlantis I project will be handed over to Vattenfall upon closing of the sale and purchase agreement, which is still subject to various closing conditions.
PNE Wind sold the project to Vattenfall ”for a purchase price in a lower double digit million Euro amount,” the Cuxhaven-based wind project developer said in a statement.
PNE Wind will also participate in the further value-add of the project achieved by Vattenfall through milestone payments, and will remain involved in the project as service provider.
The Atlantis I project is located approximately 84 kilometers off the island of Borkum in north-westerly direction.
The German developer acquired the project in 2013 and has continuously developed it ever since. In doing so, the project parameters could be upgraded so that now 73 multi-megawatt class wind turbines can be installed, PNE Wind said.
Following the latest sale, PNE Wind is in charge of developing five of its own offshore wind projects in the North Sea, and acting as service providers for another seven projects.