Jul 2, 2014 - Norwegian firms Statoil ASA (NYSE:STO) and Statkraft AS have taken a final investment decision on the 400-MW Dudgeon offshore wind scheme and will now initiate onshore construction works.
According to the plan, Statoil will invest NOK 5.5 billion (USD 892m/EUR 652m) in the GBP-1.5-billion (USD 2.6bn) project, the firm said in a press release on Tuesday. The project owners are preparing for a partnership structure to reflect the investment level.
The onshore works at the site off the coast of Norfolk in eastern England will involve the installation of onshore cables and a substation. Offshore activities are scheduled to start in 2016, while commercial operations are expected to begin at the end of 2017.
The 400-MW complex will be powered by 67 turbines made by Germany's Siemens (ETR:SIE). When up and running, it is expected to produce enough electricity for as many as 410,000 homes annually and save up to 19 million tonnes of carbon dioxide (CO2) emission during its 25-year life, the developers calculate. At end-2013, Statoil and Statkraft cut the project's capacity to 400 MW from 560 MW, mainly in a bid to ensure more space between the turbines so as to avoid wind turbine wake effects.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.