We identify an area of sea, get a licence to develop it and get the full planning permissions to put a wind farm there. In parallel with this, we negotiate all the major construction and services contracts in order to take the project to a stage where it is fully designed, fully engineered and all the key components are secured. This includes things such as securing the wind turbines, the cables, the high voltage DC interconnections and the vessels needed for installation. Over the next decade there will be a shortage of things such as vessels and cables as demand outstrips supply.
So all the big ticket items will be secured and we will have a fully consented, fully planned and permitted site offshore with all the building blocks fully engineered, fully designed and a fully procured supply chain. At this stage we sell the project so that the owner is ready immediately to reach financial close and build the project. For example in 2011, DONG Energy signed a deal with Mainstream to acquire a 33.3% share of the projects with an option to acquire the remaining 66.7%.