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Itochu, Citic to buy into German offshore wind farm

Sino-Japanese team aims to absorb European know-how for domestic development

Siemens built this wind turbine in the North Sea off the German coast.

TOKYO -- Japanese trading house Itochu and Chinese state-run conglomerate Citic Group will invest several hundred million dollars in a German offshore wind farm, aiming to glean knowledge for use in future projects.

Itochu and Citic, a Hong Kong-based subsidiary of Citic Group, will acquire just over 20% of the operator of the Butendiek wind farm in the North Sea off the German coast. The two companies plan to buy the shares from a European investment fund as early as February, with both to contribute equal amounts. They will earn dividend income from the investment.

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