(Bloomberg) -- Denmark’s political parties formed a plan for the ownership of its $34 billion man-made energy island in the North Sea that’s needed to fulfill its ambitious carbon reduction target.

The island will support infrastructure for Denmark’s offshore wind parks which will supply electricity to millions of homes. The nation, which already gets almost half of its power from wind, has pledged to cut its emissions by 70% compared with 1990 levels by 2030 and to be carbon neutral by 2050. 

The government is looking for partners for a 49.9% stake in the island that will be built 80 kilometers off the nation’s west coast. It is planning one public tender for both partnership agreements and the construction, the climate, energy and utilities ministry said in a statement on Thursday. 

Interested parties will be able to set up a consortium between investors, contractors and developers and make a joint bid, the ministry said. Plans were first announced in February and the island will help supply 3 gigawatts of electricity on completion in 2033.

Energy Minister Dan Jorgensen called the deal made between most of the parties in parliament “an important step,” which will enable private market actors to offer their skills and innovation to “the biggest green project of our time.”

Denmark Secures Backing for $34 Billion Clean Energy Island (1)

Denmark and the private partners will own shares in the project and will share the revenue accordingly. Strategic partnerships have already been agreed with other countries, including Germany, Belgium and Luxembourg, which does not have a coastal line.

Denmark expects to have a public tender draft, including the size of the island, ready by the winter of 2022, the ministry said. 

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