French energy group Engie SA (EPA:ENGI) said on Thursday it has inked a four-year power purchase agreement (PPA) for the output of the 385-MW Arkona offshore wind farm in the German Baltic Sea.
Engie will be buying the entire production of the plant, or roughly 1.5 TWh a year, from mid-2018, with plans to market the electricity on the German day-ahead and intraday market. At the same time, Engie will be managing various market-related risks for the project company, OWP Arkona.
The 60-turbine offshore wind park is currently under construction and the first turbine was installed earlier this summer. The project is a joint venture between German utility E.on SE (ETR:EOAN) and Norwegian oil group Equinor (OSE:EQNR).