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Statoil Reshuffles Ownership In World's Largest Offshore Wind Project

Norway’s oil major Statoil has signed a swap agreement with UK’s energy firm SSE and with German company Innogy to revise the ownership of the four offshore wind projects off the east coast of Yorkshire in the UK that comprise the world’s largest offshore wind development, Dogger Bank.  

Under the deal, Statoil gets half of the equity interest in three out of the four individual projects. The Norwegian company will hold 50 percent in Creyke Beck A and B, as well as 50 percent Teesside A, while Innogy will own 100 percent of Teesside B. The other 50 percent in the Statoil-held projects will be owned by SSE.  

Each of the four projects has an agreed target installed capacity of 1.2 GW, for a total of 4.8 GW of the Dogger Bank development, which is expected to be able to provide renewable energy to up to 5 million homes in the UK.  

According to Forewind, the Statoil-SSE-Innogy consortium that had pursued the project so far, the new ownership agreements mean that the projects will now be progressed towards Financial Investment Decisions by their respective owners.

“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,” Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions, said in the company statement.

Related: How Much Fuel Does It Take To Get To The Moon?

Statoil has a strategic ambition to allocate 15-20 percent of its annual investments towards new energy solutions in 2030, the Norwegian group said in its Energy Perspectives 2017 report.

“Statoil supports the Paris agreement. We believe that being able to produce oil and gas with lower emissions, while also growing in profitable renewables, will give competitive advantages and provide attractive business opportunities in the transition to a low carbon economy,” CEO Eldar Sætre said.

By Tsvetana Paraskova for Oilprice.com

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