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Statkraft to sell stake in 402MW Dudgeon Offshore wind farm

CTBR Staff Writer Published 20 December 2017

Norwegian energy company Statkraft has announced that it will sell its 30% stake in the 402MW Dudgeon Offshore wind farm located off the coast of Norfolk in the UK to a consortium led by China Resources for a price of £555m.

Statkraft acquired the stake in 2012 and has been a partner in the project ever since. The project has been completed and it is now generating electricity.

Other partners in the project include Masdar with 35% stake and Statoil with 35%. Operations and maintenance have been undertaken by Statoil.

Dudgeon offshore wind farm started its full-fledged operations in late November. Construction of the wind farm took nearly three and a half years. The wind farm includes 67 turbines, each generating about 6MW of clean energy.

The stake sale is in line with the company’s exit strategy from offshore wind. The new owner of the Statkraft’s stake is a state-owned Chinese enterprise with businesses in power, consumer products, real estate, cement, gas, pharmaceuticals and finance.

Statkraft UK Wind Power Asset Ownership Head David Flood said: “As the world leader in the industry, the UK offshore wind market has brought forward cost competitive projects that represent value for UK consumers and investors, alongside ensuring future energy security and decarbonisation.

“We are proud of our contribution and as Europe’s largest generator of renewable energy, Statkraft will continue to play a substantial role in driving forward developments in the renewables industry both in the UK and other markets around the world.”

The company has recently signed an agreement with UK fund manager Equitix to sell its 40% stake in 316.8MW Sheringham Shoal offshore wind farm for £558m.

The other investors in the wind farm, which has been in operation since October 2012, include Statoil with 40% stake and the offshore wind fund managed by Green Investment Group Management with 20% stake.

Employing 3,800 people in 16 countries, Statkraft produces hydropower, wind power, solar power, gas-fired power and supplies district heating.


Image: The sale of the stake is part of Statkraft’s exit strategy from offshore wind. Photo: Courtesy of Statkraft.