Statoil has signed a swap agreement with SSE for interest in the Dogger Bank offshore windfarm – the world’s largest offshore wind development
The development consists four offshore wind farm projects, Creyke Beck A and B and Teesside A and B. Following the transaction, Statoil and SSE will own 50% each in Creyke Beck A and B and Teesside A, while Innogy will own 100% of Teesside B.
The Dogger Bank projects have the potential to provide renewable energy to up to five million UK homes. It has an agreed target installed capacity of 4.8 GW, with 1.2 GW consented for each of the four projects.
Statoil’s executive vice president for New Energy Solutions, Irene Rummelhoff, said: “ogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource and the asset constitutes a very important element in Statoil’s strategy to gradually complement our oil and gas portfolio with profitable renewable energy solutions.
“As operator of both the Sheringham Shoal and Dudgeon offshore wind farms, located in the same area, we can further improve efficiency and increase competitiveness across projects. Statoil and SSE will continue to mature the three Dogger Bank development projects towards a potential Contracts for Difference auctions.”
The Dogger Bank projects are located 195 km off the east coast of Yorkshire. Each of them extend between 500 and 600km2.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- So, you think that you know all there is to know about Christmas?
- Opinion: Economic reality is set to box Mario Draghi into a corner
- Opinion: The perfect time to show some spirit for the North Sea
- Opinion: Invest, innovate, initiate in 2018
- Opinion: The Arctic threat to Saudi Arabia’s grand oil bargain