China takes £555m Dudgeon stake

Norwegian company Statkraft has sold its 30% share of the 402MW Dudgeon offshore wind farm in the UK to state-owned China Resources.

The latter will pay £555m for its stake in the project off Norfolk, which officially entered operation in November. Remaining shareholders are Statoil and Masdar with 35% each.

The new shareholder – full name China Resources (Holdings) Company Limited – is involved in power, consumer goods, real estate, cement, gas, pharmaceuticals and finance.

Regulators in China, Germany and likely Korea will need to sign off on the deal with the transaction due to complete in the first quarter of 2018.

Statkraft has now offloaded all of its offshore wind assets as part of a strategy to focus on other areas.

Image: the Dudgeon wind farm (reNEWS)