StatoilHydro & Statkraft to Develop Offshore Wind Farm

StatoilHydro and Norwegian power utility Statkraft have said that they are joining forces to develop the 315-megawatt (MW) Sheringham Shoal Offshore Wind Farm off the coast of Norfolk in the UK. The wind farm, which will use 88 three-and-a-half megawatt capacity turbines, could start producing electricity as early as 2011.

When fully operational, its annual electricity production is expected to be around 1.1 terrawatt-hours. Total investments in the project are estimated at approximately NOK 10 billion [US $1.5 billion]. Until now, the project has been owned 100% by StatoilHydro. Through an agreement, Statkraft will acquire 50% of the shares in the project, becoming an equal partner with StatoilHydro.

“We are pleased to announce our decision to go ahead with this significant project together with Statkraft. We believe our joint efforts will generate value for both companies, as well as our owners and society as a whole. Gradually developing a stronger position within renewable energy is part of StatoilHydro’s long-term strategy. Sheringham Shoal is a good commercial project that demonstrates our determination and capacity in this context,” said Helge Lund, StatoilHydro’s CEO.

Sheringham Shoal, located approximately 20 kilometers off the coast of the town of Sheringham in northern Norfolk, will cover an area of 35 square kilometers. Construction will begin in early summer 2009, and a gradual start-up of production is scheduled for 2011.
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