Sweden-based power company Vattenfall has signed an agreement with Swedish pension group AMF for the 150 MW Ormonde Offshore Wind Farm in the U.K.
The partnership agreement means AMF will take a 49% share in Vattenfall's wind project for 237 million British pounds (approximately $352.83 million). Vattenfall will continue to operate the wind farm as majority shareholder.
In operations since 2012, Ormonde is a 30-turbine, 150 MW site in the Irish Sea and is located 10 km off Barrow-in-Furness in North West England. Ormonde is one of four offshore wind farms that Vattenfall operates in the U.K.
Last year, Vattenfall announced a partnering strategy aimed at supporting wind growth and the shift to renewables. Vattenfall currently plans to invest approximately SEK 50 billion (approximately $5.88 billion) in new wind power generation by 2020 and to triple wind capacity to at least 6 GW in the next 10 years.