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The two companies have launched a joint-venture, Hochtief Offshore Development Solutions, with a view to acquiring project concessions and progressing them to the point of construction before selling them on.

The aim is to offer projects with a minimal risk of overruns and delays. The joint venture will not build any of the projects it is involved in.

Hochtief is involved with a number of offshore wind farms in terms of supplying logistics and construction services.

Speaking about the deal, Hochtief head of energy and infrastructure solutions Ullrich Reinke said: "Offshore wind farms offer enormous growth potential. With the new company, we also want to contribute our know-how during the early development phases of offshore projects and thus augment value creation in this future market. Everything taken together will make for a continuous project pipeline for the Group, with high earnings potential."

In November, Ventizz-owned SSP, acquired rights to the 560MW Nautilus II North Sea project from PNE Wind. PNE said it will continue to develop the project until approval has been granted. This is expected to be given in 2013.