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September 8, 2016

Statkraft explores stake sale in UK offshore wind assets totalling 5.5GW

Statkraft is exploring the sale of stakes in offshore windfarms in the UK, which have a total installed capacity of around 5.5GW.

Statkraft is exploring the sale of stakes in offshore windfarms in the UK, which have a total installed capacity of around 5.5GW.

This follows the company's announcement last year to end new investments in offshore wind. It plans to divest stakes in the 317MW Sheringham Shoal, 402MW Dudgeon, and 4.8GW Dogger Bank farms.

Statkraft has already reached a deal to sell its stake in Sheringham Shoal to Statoil. Both companies will own a 40% stake in the farm, while the UK Green Investment Bank will hold the remaining 20%.

Statkraft's executive vice-president Steinar Bysveen said: “With Statoil primed to lead operations of the neighbouring 402MW Dudgeon project and Statkraft evaluating a divestment, it makes sense to transfer the Sheringham Shoal operatorship to Statoil.

"Statkraft plans to divest stakes in the 317MW Sheringham Shoal, 402MW Dudgeon, and 4.8GW Dogger Bank farms."

“Statkraft has played an important role in establishing Sheringham Shoal as one of the UK’s top performing offshore windfarms, and have forged strong relationships locally. We are confident these will continue to thrive in the future under Statoil’s leadership.”

Statoil is also acquiring a 25% stake in the Dogger Bank project from Statkraft, a move that will bring its total ownership to 50%. SSE and innogy will each continue to hold a 25% share.

Statoil's new energy solutions executive vice-president Irene Rummelhoff said: “Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable, and cost-competitive energy from its world-class wind resource. By increasing our share, we strengthen Statoil’s long-term portfolio materiality and gain additional optionality.

“This is in line with our strategy to gradually complement Statoil’s oil and gas portfolio with profitable renewable energy and other low-carbon solutions.”


Image: Statkraft previously announced to end new investments in offshore wind. Photo: courtesy of Statkraft.

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