Masdar takes half of Statoil's stake in 402-MW wind scheme off UK

Sep 24, 2014 - Abu Dhabi-based renewable energy firm Masdar said today it had bought a 35% stake in the 402-MW Dudgeon wind project off the Norfolk coast in England from developer Statoil ASA (NYSE:STO).

The Norwegian utility will retain a 35% interest in the scheme, while the 30% of its partner in the project, Statkraft AS, will remain intact. According to Reuters, the acquired stake is worth some GBP 525 million (USD 860m/EUR 669m).

The GBP-1.5-billion Dudgeon offshore wind park will comprise 67 turbines supplied, installed and commissioned by German group Siemens AG (FRA:SIE). Offshore construction work is seen to commence in 2016 and the wind farm is expected to become fully-operational in late 2017. Once completed, it will be able to generate enough electricity for about 410,000 UK homes.

The investment in Dudgeon is Masdar’s second major one in the UK offshore wind energy market, as it already has a 20% interest in the 630-MW London Array wind farm. In addition, the portfolio of the UAE company also includes the 100-MW Shams 1 concentrated solar power (CSP) plant at home and the 117-MW Tafila wind park in Jordan.

(GBP 1.0 = USD 1.638/EUR 1.274)

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