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Innogy favours cost control in wind power push -CEO

* EnBW won offshore project without subsidies

* Innogy will be prudent when it comes to spending

* Has offshore budget of 425 mln eur, at most (Adds context on offshore wind, details on capex)

ESSEN, Germany, April 24 (Reuters) - Innogy, Germany's largest energy company, will keep a tight handle on costs when bidding for wind power projects, its CEO said, less than two weeks after smaller peer EnBW said it could build offshore parks without any state subsidies.

Energy firms are fiercely competing for offshore wind tenders across Europe, bidding prices that some executives say are too low to make a profit for what is still the most expensive source of renewable energy.

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EnBW earlier this month said it received approval for a new 900 megawatt (MW) offshore wind park called He Dreiht in the North Sea as part of Germany's first public auction process, saying its bid did not include any subsidies.

"We will not pursue projects at just any price. We carefully weigh up each one and invest only when it is economically viable for us," Peter Terium said at the group's annual shareholder meeting on Monday.

Innogy, in which utility RWE (IOB: 0FUZ.IL - news) holds a 76.8 percent stake following a separate listing last year, plans to invest 1.5 to 1.7 billion euros ($1.6-1.9 billion) in renewable projects between 2017 and 2019, about a quarter of total capex.

About half will flow into onshore wind projects, while offshore wind parks will account for as much as a quarter, suggesting a top-end budget of 425 million euros for such projects over the next three years.

($1 = 0.9202 euros) (Reporting by Christoph Steitz; Editing by Maria Sheahan)