Statkraft takes $58m hit on Sheringham Shoal wind project

Norwegian utility Statkraft has taken a NKr338m ($58.2m) hit on the value of its stake in the UK’s Sheringham Shoal offshore wind project.

Statkraft – which owns 50% of the 317MW Sheringham Shoal development – announced the write-down with its fourth-quarter 2011 financial results, citing “delays and cost overruns” at the wind farm.

Statkraft is building Sheringham Shoal off the east coast of England in partnership with Statoil, the Norwegian energy group.

The write-down dragged Statkraft’s wind operation to a NKr326m fourth-quarter loss, compared to a NKr13m profit at the same stage in 2010.

Overall Statkraft’s full-year 2011 group pre-tax profits plunged by 72% year-on-year to NKr3.47bn.

The group says write-downs at Sheringham Shoal…

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