Canada-based independent power producer Northland Power, Inc. and Highland Group Holdings Limited have signed a definitive agreement under which the former will acquire 100 per cent of Deutsche Bucht, a 252 MW offshore wind farm. The estimated project cost is Euro 1.2 billion and the financial closing is expected by mid-2017. The farm is located 95 km northwest of the island of Borkum in the German exclusive economic zone. It is currently at an advanced stage of development and is likely to be completed by 2019. Once operational, the park is expected to generate over 1,000 GWh of electricity per year.