London, United Kingdom – Shares in British energy infrastructure group Petrofac soared Thursday after it and Hitachi Energy secured a multi-billion-euro deal to expand offshore wind capacity in the Dutch-German North Sea.
European electricity grid operator TenneT awarded the pair multi-year projects worth 13 billion euros ($14.1 billion), Petrofac announced in a statement.
Shares in London-listed Petrofac soared 58 percent to 77.5 pence after the group’s outgoing chief executive Sami Iskander said the deal would “deliver affordable clean energy for millions of European homes”.
The framework agreement includes an initial commitment to deploy systems connecting offshore wind farms to the Dutch grid and the sixth to the German grid.
“By combining Petrofac’s… expertise and Hitachi Energy’s well proven technology, we look forward to supporting TenneT to connect larger, more effective wind farms,” Iskander added.