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Statoil (NYSE: STO), Statkraft Acquire Offshore Wind Farm

Brian Hicks

Written By Brian Hicks

Posted October 18, 2012

Statoil (NYSE: STO) and Statkraft have now acquired the Dudgeon Offshore Wind Farm project by buying out all shares in Dudgeon Offshore Wind Limited, according to a press release. Dudgeon is a subsidiary of Warwick Energy Limited.

Statoil and Statkraft previously worked together to develop the Sheringham Shoal Offshore Wind Farm, off North Northfolk’s coastline. The Dudgeon project is expected to generate several hundred jobs during construction and, once complete, will provide up to 560 MW of power. The project site is 32 kilometers (19.8 miles) offshore, north of Cromer in North Northfolk.

Now, Statoil and Statkraft will finalize details, secure final consents, and deal with suppliers and local stakeholders to bring the project to Final Investment Decision. Statoil will lead the way, holding a 70 percent share to Statkraft’s 30 percent.

From the press release:

“The acquisition is in line with Statoil’s strategy to have a stepwise growth and to seek new business opportunities in offshore wind as part of the development of our renewable energy portfolio. Both Statoil and Statkraft believe this project could further strengthen their positions in the North Norfolk region, benefiting from the positive and constructive dialogue already established with UK authorities, local communities and suppliers”, says Statoil Senior Vice President, Renewable Energy, Siri E. Kindem, adding:

“Warwick Energy has successfully progressed the technical and commercial basis for an offshore wind farm at Dudgeon and brought the opportunity close to a fully consented project. Statoil and Statkraft will now take this work forward.”

The UK government awarded permits for the Dudgeon project during Round 2 allocation back in 2003. High wind speeds, favorable water depths, and other relevant surveys all worked in Dudgeon’s favor.

Statoil and Statkraft are also involved in the Forewind consortium with RWE (ETR: RWE) and SSE (LON: SSE), which aims to win consent for the Dogger Bank project, a farm 120 kilometers off the U.K.’s eastern coast that would be the world’s largest offshore wind project if granted approval.

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