The German power company RWE and industrial group Siemens unveiled on Friday a joint venture to build a giant British offshore wind farm worth more than two billion euros.

RWE's Innogy unit will own 60 precent of the project, while service provider SWM will take a stake of 30 percent and Siemens will hold the remaining 10 percent, an RWE statement said.

The wind farm has been dubbed Gwynt y Mor, which means sea wind in Welsh.

It is to be sited off the north coast of Wales, be completed in 2014, and supply 1,950 megawatts of electricity per year, enough to power 400,000 homes.

Siemens is to furnish 160 wind turbines and land connections and maintain the park for the first five years.