Vattenfall has signed an agreement to acquire an offshore wind-project in the German North Sea. The project, Atlantis I, has a potential of more than 70 wind turbines.

The offshore wind project Atlantis I has a 584 megawatts (MW) capacity and is located in the German North Sea, 84 kilometers north-west off the island of Borkum.

A statement from Vattenfall said the seller, PNE Wind AG, which is one of the leading German wind farm developers, will remain involved in the further development of the project as a long-term service provider.

It stated that the acquisition was still subject to various closing conditions. The purchase price was however not revealed, but was described by the parties as being, “in a lower double digit million Euro amount”.

Accordingly, the project site allows for up to 73 wind turbines of multi megawatt class.

A prerequisite for Vattenfall to construct the project is that the project would be awarded a subsidy contract in any of the upcoming transitional tenders to be held in 2017 or 2018, indicating that the wind project will be commissioned earliest in 2025.

Apart from the ‘Atlantis I’ project, Vattenfall said it in the summer of 2016 acquired the offshore wind project Global Tech II, which is located adjacent to Atlantis I, and that a third wind-power project in the North Sea, Sandbank Plus, was also being prepared for the transitional tenders.

“The acquisition of Atlantis I is a very good start for us into the New Year and I am really delighted. After our successful participation in the tender rounds in Denmark last year where we could reinforce our offshore wind portfolio with another 950MW, we are now well on track in the German market as well,” said Gunnar Groebler, Senior Vice President and Head of Business Area Wind at Vattenfall.

The statement explained that Vattenfall operates more than 1,100 wind turbines with a total installed capacity of 2,200MW. The company would however double its wind capacity on and off shore with an annual expansion of 400 to 600 MW by 2020.