Statoil has agreed to sell 25% of its stake in the 30MW Hywind Scotland floating offshore wind demonstration project to Masdar.
Under the terms of the deal, Statoil and Masdar have agreed to share the development risk, while the Abu Dhabi company will cover 25% of previous and future costs.
Statoil will hold the remaining 75% share in the project, which is expected to start production in late 2017 off the coast of Peterhead in Aberdeenshire.
Spanish company Navantia has assembled the first foundation for the five-turbine project and the construction of the remaining structures is well underway, it said today.
Masdar chief executive Mohamed Jameel Al Ramahi said: “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.”
Statoil executive vice president for new energy solutions Irene Rummelhoff said: “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.”
Statoil added that the Hywind Scotland substructures will arrive at Stord in Norway later this spring followed by assembly during the summer before sailing to Peterhead.
Image: Statoil
