Statkraft has sold its 30 per cent share in the Dudgeon offshore wind farm to a consortium led by China Resources for £555 million.
The sale marks the final step in Statkraft’s strategy to exit the offshore wind sector to enable it to focus on other renewables such as hydropower, onshore wind and solar.
“As the world leader in the industry, the UK offshore wind market has brought forward cost competitive projects that represent value for UK consumers and investors, alongside ensuring future energy security and decarbonisation,” said Statkraft head of asset ownership for UK wind power, David Flood.
“We are proud of our contribution and as Europe’s largest generator of renewable energy, Statkraft will continue to play a substantial role in driving forward developments in the renewables industry both in the UK and other markets around the world.”
The Norwegian state-owned power company acquired a 30 per cent stake in the project in 2012. Statoil – Norway’s state-owned oil company – purchased the other 70 per cent at the same time but sold 35 per cent to Abu Dhabi-based clean energy company Masdar in 2014 for £525 million.
The wind farm is located around 40 miles of the coast of Norfolk and consists of 67 turbines with a combined capacity of 402MW. The project was given the go-ahead in 2014 after securing Contracts for Difference through the non-competitive Final Investment Decision enabling for Renewables (FIDeR) process and was officially opened in November.
China Resources is a Hong Kong-based Chinese state-owned company with interests in various industries including power, gas, pharmaceuticals and finance.