Statkraft plans 1.5GW offshore sale

Statkraft is preparing the “possible” divestment of stakes totalling 1.47GW in a portfolio of operational, under-construction and consented wind farms off the UK east coast.

The Norwegian company said it is “evaluating a divestment of its shares” in the 317MW Sheringham Shoal, 402MW Dudgeon and 4.8GW Dogger Bank projects.

Executive vice president Steinar Bysveen said: “We’re currently re-evaluating all of our existing offshore wind assets with the exception of Triton Knoll.”

A deal has already been agreed in principle to transfer the 25% stake in the consented 4.8GW Dogger Bank zone to compatriot company Statoil. SSE and Innogy will each continue to hold 25%.

The planned divestment of a 40% stake at Sheringham off Norfolk will require a transfer of operatorship to Statoil and Bysveen said a letter of intent has been signed to that end. The UK Green Investment Bank is also a shareholder with 20%.

Statoil with a 35% stake was already poised to be operator of the under-construction Dudgeon, where Statkraft holds 30% and the other partner Masdar holds 35%.

The move follows Statkraft’s decision in December 2015 to make no new investments in offshore wind. The company did not provide a timetable for the divestment process.

“Taking over the operatorship for Sheringham Shoal represents a milestone for Statoil, as our first operatorship during commercial operations,” said the Statoil vice president of the company’s New Energy Solutions division Irene Rummelhoff.

“As operator of both the Sheringham Shoal and Dudgeon offshore wind farms, located in the same area, we can further improve efficiency and increase competitiveness across the projects.”

Rummelhoff added: “Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource. By increasing our share, we strengthen Statoil’s long-term portfolio materiality and gain additional optionality.”

Image: Sheringham Shoal (Statkraft)