A wind farm off the coast of Barrow, has been at the centre of a massive hundred million pound deal between European companies.

The operators of the Ormonde Wind Farm, Vattenfall, signed a £237 million deal with Swedish pension group AMF to support the long term sustainability of the project.

The partnership agreement means that AMF will take a 49 per cent share in Vattenfall’s 30 turbine, 150 MW wind farm and the energy company will continue to operate the farm as a majority share holder.

Magnus Hall, president and chief executive officer of Vattenfall said that the deal was a long term arrangement and that the wind farm had good prospects.

“The market has shown a considerable interest in Ormonde.

“The main reason is that the wind farm is profitable and considered to have good prospects for stable and continuous profitability.

“Our partner AMF is a serious and long-term investor. We are therefore very pleased with completion of this deal.”

Peder Hasslev, head of Asset Management at AMF, said that the wind farm offered a good opportunity for the company to become invested in renewable energy.

Mr Hasslev said: “AMF manages the pension funds of four million customers, meaning the responsibility to create good and secure pensions through long-term investments.

“The Ormonde wind farm investment being sustainable with good returns fits us therefore very well.

“Conditions for offshore wind power in the UK are favourable and in combinations with the partnership and deep knowledge in the wind area of Vattenfall we feel confident about doing this investment.”