Statoil: Revised ownership structure in UK offshore wind project

Statoil: Revised ownership structure in UK offshore wind project

Statoil: Revised ownership structure in UK offshore wind project

The FINANCIAL -- Statoil has signed a swap agreement with Innogy and SSE for equity interests in the Dogger Bank offshore wind development project. 

The Dogger Bank development consists four offshore wind farm projects, Creyke Beck A and B and Teesside A and B. Following the transaction, Statoil and SSE will own 50% each in Creyke Beck A and B and Teesside A, while Innogy will own 100% of Teesside B.

Dogger Bank is the world's largest offshore wind development, having achieved consent for an agreed target installed capacity of 4.8 GW, with 1.2 GW consented for each of the four projects. In total, the Dogger Bank projects have the potential to provide renewable energy to up to 5 million UK homes, according to Statoil.

– Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource and the asset constitutes a very important element in Statoil’s strategy to gradually complement our oil and gas portfolio with profitable renewable energy solutions, says Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions.

 Irene RummelhoffIrene Rummelhoff, EVP, New Energy Solutions

The three Dogger Bank projects that Statoil and SSE will own, are located between 125 and 195 km off the east coast of Yorkshire. Each of them extend between 500 and 600km2.

– As operator of both the Sheringham Shoal and Dudgeon offshore wind farms, located in the same area, we can further improve efficiency and increase competitiveness across projects. Statoil and SSE will continue to mature the three Dogger Bank development projects towards a potential Contracts for Difference auctions, says Rummelhoff.