UPDATE - Statoil makes final investment decision on floating wind project

Norway’s Statoil ASA (OSL:STL) has decided to proceed with investing about NOK 2 billion (USD 234.9m/EUR 213.6m) to build the 30-MW Hywind floating offshore wind park in Scottish waters.

The energy major announced it has made the final investment decision a day after the Scottish government gave the green light to the pilot project off the coast of Peterhead, Aberdeenshire.

Working with a number of domestic suppliers and partners, Statoil intends to erect five 6-MW Siemens turbines on floating structures at Buchan Deep in Scotland. This project follows the installation of a single 2.3-MW Siemens turbine off the coast of Norway in 2009. Statoil noted it expects to realise a 60% to 70% cost reduction per MW from the demo scheme in Norwegian waters.

“Our objective with the Hywind pilot park is to demonstrate the feasibility of future commercial, utility-scale floating wind farms,” says Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions.

The five-turbine Hywind park is expected to start producing electricity in late 2017. Statoil estimates that it will be able to generate enough power to supply some 20,000 homes.

(NOK 1.0 = USD 1.174/EUR 1.068)

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