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Two of Europe’s largest energy companies, Statoil and E.ON have launched a €1.2 billion joint venture to develop the largest offshore wind farm in the Baltic sea.

Over 60 6MW turbines will be located at the Arkona wind farm, 35km north-east of the German island of Rugen and the wind farm will generated enough power to supply 400,000 households.

The wind farm will come into operation in 2019 and each company will have a 50% stake in the venture with Siemens manufacturing the turbines for the farm.

Statoil said it was a move to diversify its portfolio further into renewable energy from fossil fuels while E.ON said it would show that renewable energy was a competitive source of power.

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