The state-owned Norwegian oil giant has sold 25% of its stake in the Hywind Scotland offshore floating wind parc to Masdar, an Abu Dhabi-based renewable energy company.
The project – planned to float off the Grampian coast – will be the world’s first eponymous wind farm.
Through the transaction, Statoil and Masdar have agreed to share the development risk and Masdar will cover 25% of previous and future costs. Following this divestment Statoil holds a 75% share in Hywind Scotland.
The pilot park will cover around 4sq km, 25 km offshore Peterhead at water depths of 95-120m. The average wind speed in this area of the North Sea is around 10m per second. Schedule to start generating by the end of 2017, it will produce enough electricity for up to 20,000 homes.
Irene Rummelhoff, Statoil’s executive vice-president for new energy solutions, said: The Hywind Scotland pilot park has the potential to open attractive new markets for renewable energy production worldwide. With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy.
“We believe Masdar can be a strong partner also in future Hywind projects and we hope that our collaboration will result in future value creation opportunities for both parties.
“The objective of the Hywind Scotland pilot park is to demonstrate cost efficient and low risk solutions for future commercial scale floating wind farms. This will further increase the global market potential for offshore wind energy, contributing to realizing Statoil’s ambition of profitable growth in renewable energy and other low-carbon solutions”
Masdar Chief Executive Mohamed Al Ramahi added: “Masdar is excited to join the team developing the world’s first floating wind farm, and to build on our partnership with Statoil.
“Hywind Scotland represents the next stage in the evolution of the offshore wind industry, combining the project management experience and technical expertise of one of the world’s largest offshore energy players – and our own capabilities in renewable energy development acquired over the last decade in the UK and international markets”.