Statoil, Statkraft Buys UK 560 MW Offshore Wind Energy Project

The wind farm is only 20 kilometers north east of the Sheringham Shoal Offshore Wind Farm, another cooperation between Statoil and Statkraft.

The Norwegian oil giant Statoil ASA (STO) has acquired the Dudgeon Offshore Wind Farm project in the U.K. North Sea, together with Norwegian state-owned renewable company Statkraft, continuing their cooperation on renewable energy.

The Dudgeon project has consent to install wind turbines with a total power production capacity of 560 megawatts. The farm is situated 32 kilometers offshore, north of the town of Cromer in North Norfolk.

The project is a subsidiary of the U.K. energy company Warwick Energy Ltd., and was awarded a license by the U.K. government in 2003. Statoil will hold a 70% share and Statkraft a 30% share of the project.

“The acquisition is in line with Statoil’s strategy to have a stepwise growth and to seek new business opportunities in offshore wind,” said Statoil’s Senior Vice President for Renewable Energy, Siri E. Kindem.

“Combining Statkraft’s experience as Europe’s largest renewable energy producer with Statoil’s experience and technology from offshore installations will enable us to drive down costs,” said Statkraft Senior Vice President for Offshore Wind Power, Olav Hetland.

The Dudgeon project could deliver many hundreds of jobs during the construction phase, the companies said. The final investment decision hasn’t been made yet.

“This inward investment by Statoil and Statkraft furthers our energy relationship with Norway, will create hundreds of jobs, and enhance U.K. energy security,” said U.K. Energy Minister John Hayes.