Vattenfall acquires Thanet

STOCKHOLM, Sweden, Nov. 11 (UPI) -- Swedish power generator Vattenfall announced it has acquired the United Kingdom's Thanet offshore wind project.

Thanet is located off the coast of Margate in Kent County in the United Kingdom. The acquisition was valued at about $70 million.

Once Thanet is complete, it is expected to be able to generate 300 megawatts of renewable energy.

Thanet is expected to be nearly three times the size of Lillgrund, which is currently Vattenfall's largest wind farm in Sweden, though Vattenfall holds a majority stake in Horns Rev in Denmark, which is about the same size as Thanet will be, once it is done.

Vattenfall estimates it will cost an additional $1.6 billion to complete Thanet, but the acquisition will make Vattenfall one of the largest wind power producers in the United Kingdom.