Tokyo Gas has committed a £190 million cornerstone investment as part of the broader plan to invest £3 billion in various projects by 2030.

The joint venture of Ignitis Renewables and Ocean Winds secured the offshore wind tender in July, and Fugro's specialized vessel, the Fugro Frontier, is presently conducting on-site operations in the Baltic Sea.

The collaboration aims to provide pragmatic solutions for a just energy transition in their respective countries and the region.

The wind farm is located approximately 32 kilometers from the Island of Sylt near the German-Danish border and consists of 80 Siemens 3.6 MW wind turbines with a total capacity of 288 MW, supplying renewable energy to around 370,000 households.

The Export Development Guarantee from UKEF covers 80% of the total loan, which has been coordinated by HSBC, with Citibank, Credit Agricole Corporate and Investment Bank, DNB, and ING as mandated lead arrangers.

The move follows crisis talks with the renewables industry and aims to address concerns over supply chain costs and potential delays in meeting the 2030 goal of hosting 50GW of offshore wind.

The contract encompasses the engineering, procurement, construction, and installation of the high-voltage, direct-current offshore platform.

EY publishes the RECAI biannually, and the latest edition cites concerns over grid connection delays as a key factor influencing the attractiveness of the UK market for renewable energy projects.

This milestone comes after nearly seven years of dedicated work on the wind farm, with the first turbine generating fossil-free electricity on November 10, 2023.

Under the agreement, Vestas will supply 33 units of the V236-15.0 MW wind turbine, specifically designed for floating foundations.