Renewable energy developer Airtricity is to take a 25.1 per cent stake in an offshore wind farm being built off the Cumbrian coast in the Irish sea.
The £39 million deal is being done through parent company Scottish and Southern Energy (SSE). Under the agreement, offshore wind farm developer DONG Energy will retain a 74.9 per cent stake in the 367 megawatt Walney wind farm, which is located 14km west of the Isle of Walney.
Some £17 million of the price tag is subject to the operational performance of the wind farm, and Airtricity/SSE will pay its share of the construction costs when each phase of the operation is commissioned.
Airtricty chief executive Paul Dowling said the move was an "excellent agreement" for both firms.
"The potential for harnessing the energy of the wind in the Irish Sea is vast and the combination of the Walney and Greater Gabbard offshore wind farms in UK waters gives us a very good offshore wind construction portfolio for the next few years," he said.
The wind farm is to be constructed in two phases, with the first phase due to begin in the spring of 2010.
