Iberdrola Renovables the global. leader in wind power, and Vattenfall, the world’s leading developer of offshore wind farms, formed a 50-50 joint venture company called East Anglia Offshore Wind Ltd. to build the project.
The amount of the deal was not disclosed but the Spanish business paper elEconomista said it could be about $28.5 billion.
The wind farm would be one of the world’s biggest with an energy capacity of 7,200 megawatts. It is set to be built in the North Sea off East Anglia, Iberdrola Renovables said in a statement.
The preliminary permits required could be obtained in 2012 and construction could start three years later.