Statkraft invests in UK offshore wind farm

OREANDA-NEWS. Norwegian state-owned utility Statkraft has bought a 50pc stake in the planned Triton Knoll offshore wind farm in the UK, developing the project with existing shareholder German utility RWE.

RWE had previously been planning to develop the wind farm, which is to be built off the coast of Lincolnshire, on its own but last year indicated an intention to reduce its investment in renewable energy in the UK because of policy uncertainty.

Statkraft has a strong interest in the UK offshore wind sector, having previously developed the 317MW Sheringham Shoal project with fellow Norwegian state-controlled firm Statoil. The two companies are also to jointly develop the 400MW Dudgeon project that they made a final investment decision (FID) on last year. Triton Knoll was deemed a suitable investment opportunity by Statkraft because of its close proximity to Sheringham Shoal and the planned location for Dudgeon, the utility said.

Triton Knoll was given planning consent by UK energy secretary Ed Davey in 2013, initially for a capacity of up to 1.2GW, but RWE later reduced the size of the project with capacity likely to be in a 600-900MW range. If the capacity falls within the latter end of this range, it could overtake the 630MW London Array as the world's largest offshore wind farm.

RWE and Statkraft will now work together towards making a FID for the project in 2017. Construction could then begin by the end of the same year and be completed during 2021-22.

RWE is close to completing the 576MW Gwynt y Mor wind farm, located off the coast of north Wales. But its planned 340MW Galloper project, which is an extension to its existing Greater Gabbard wind farm, is on hold after project partner UK utility SSE withdrew last year. RWE cancelled its planned 1.2GW Atlantic Array project at the end of 2013.