Statoil and Statkraft buy out all shares in UK energy company Warwick Energy subsidiary Dudgeon Offshore Wind (DOW).
Following a successful partnership in developing the Sheringham Shoal Offshore Wind Farm off the coast of North Norfolk, Statoil and Statkraft will now work together to develop the Dudgeon Offshore Wind Farm. The project could deliver many hundreds of jobs during the construction phase and, once in operation, will provide renewable energy to the UK market.
The North Sea project site is located 32 km offshore, north of the town of Cromer in North Norfolk, and is 20 km north east of the Sheringham Shoal Offshore Wind Farm. The Dudgeon site has recently received an offshore consent that allows for up to 560 MW of installed generation capacity.
Statoil and Statkraft will optimize the project, secure the final consents and engage with suppliers and local stakeholders with the aim of bringing the project to Final Investment Decision (FID). The project will be developed by a joint project team, with Statoil leading the project towards FID. Statoil will hold a 70% share and Statkraft a 30% share in DOW.
The license for the Dudgeon site was awarded by the UK Government during the Round 2 allocation in 2003. It was chosen because it lies within a government approved area for development, with high wind speeds, favorable water depths, and subsequent surveys have shown that it has relatively low levels of fishing and shipping activity.