Statkraft buys into Sheringham Shoal wind farm

Statkraft CEO Baard Mikkelsen has plunged his firm into the heart of the offshore wind industry.

Statkraft CEO Baard Mikkelsen has plunged his firm into the heart of the offshore wind industry.

Norwegian power giant Statkraft has become an equal partner in the UK’s 315-megawatt Sheringham Shoal offshore wind farm, by buying 50%of the project from StatoilHydro, which previously held 100%.

Sheringham Shoal will be the largest and most important wind project in either company’s stable, with the total investment now estimated at NOK 10bn ($1.5bn). The wind farm is expected to produce around 1.1 terrawatt hours (TWh) of electricity each year, or enough to power 220,000 UK homes.

State-owned Statkraft is Europe’s largest generator of renewable energy through its vast hydroelectric portfolio. Though the firm already has dabbled in onshore wind, “this partnership with StatoilHydro will take us into the offshore wind industry as well”, says chief executive Baard Mikkelsen.

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