A deal to buy offshore wind farms in the UK has been agreed by the Government and the renewable energy sector.
The UK will pay £1.9 billion ($2.7 billion) to a consortium of energy companies and the Government will own 40% of the assets.
The deal will see the wind farm be built on the British island of Jersey and will be the world’s first large-scale offshore wind farm.
A consortium of UK energy companies will own 39% of wind farms and a consortium from the US will own 38%.
The deal has been approved by the UK’s Energy Secretary, Amber Rudd.
It will be announced by Prime Minister Theresa May at the annual G20 summit in Hamburg on Thursday.
The announcement came after the UK Government announced it would spend £3.6 billion ($6.3 billion) on the wind farms.
The government has previously said it wants to create 100,000 jobs by 2030.
The deal will allow wind energy companies to build wind farms at an offshore wind project on Jersey.
A joint venture between the UK Energy and Water and the UK Natural Gas and Renewable Energy Association (NVSE) will be able to buy up to 200 megawatts of wind turbines for the UK from the consortium.