Statoil sells 25 per cent stake in floating offshore wind farm

Statoil has agreed to divest 25 per cent of its assets in the world’s first and largest floating offshore wind project to Masdar, an Abu Dhabi-based clean energy company.

Hywind Scotland wind farm illustration

Under the agreement, Masdar will cover 25 per cent of past and future costs of the 30MW Hywind Scotland pilot project while Statoil will retain a 75 per cent stake. Statoil said the partnership also consists of a collaboration agreement which will enable the two companies to work together on clean energy technologies across several markets in the near future.

“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,” said Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions. “With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy.”

“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,” added Masdar CEO, Mohamed Jameel Al Ramahi.

Approximately 25km off the coast of Peterhead, the Hywind Scotland project will feature five floating 6MW wind turbines at depths of 95-120m.

Statoil secured a marine licence for the development of the Hywind project from the Scottish government in 2015. The company said at the time that its initial $236m investment was part of its strategy to bring down the costs of offshore wind development by 2025.

This article originally appeared on www.cleanenergypipeline.com a clean energy news service operated by VB Research, a sister publication to The Engineer. The reporter, Kate Thorburn, can be reached at kate.thorburn@cleanenergypipeline.com