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UK GIB buys 20% stake in Sheringham Shoal offshore wind farm

CTBR Staff Writer Published 28 November 2014

The UK Green Investment Bank (GIB) is acquiring a 20% stake in the 317MW Sheringham Shoal offshore wind farm in England for £240m.

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Norwegian energy firms Statkraft and Statoil own the wind farm through Scira Offshore Energy.

Located off the coast of Norfolk, the wind farm has been operating for two years generating more than 1.1TWh of renewable energy per year for about 220,000 homes.

The wind farm features 88 Siemens 3.6MW turbines, two offshore substations, two 132kV submarine export cables of about 22km each as well as a 21.6km onshore cable and new inland substation.

The wind farm, which is spread across a diamond-shaped area of 35m², will reduce 500,000 tons of carbon dioxide emissions per year.

Statoil and Statkraft will each continue to hold 40% stake in Scira Offshore Energy.

UK GIB chief executive Shaun Kingsbury said: "This is an important investment for the UK offshore wind sector in two respects.

"Firstly, it allows two strategically important investors, Statkraft and Statoil, to take part of their investment in an operating project and reinvest it in other projects.

"Secondly, we intend, in time, to transfer the asset to our proposed Operating Offshore Wind Fund, which is intended to attract new investors and new capital to the UK."

UK Business Secretary Vince Cable said: "The UK's offshore wind sector is incredibly important to the UK, currently supporting 6,000 jobs and contributing millions to the economy each year. Britain leads the world in offshore wind power generation and this latest investment by GIB will cement that position."

Image: The 317MW Sheringham Shoal offshore wind farm has been operating for two years. Photo: Courtesy of UK Green Investment Bank.