ABU DHABI BUYS A PIECE OF NORWAY’S STAKE IN UK OFFSHORE WIND

Masdar Buys Half Statoil Stake in U.K. Offshore Wind Farm

Alex Morales, Sept. 24, 2014 (Bloomberg News)

“Masdar Abu Dhabi Future Energy Co. agreed to buy half of Statoil ASA’s stake in the 402-megawatt Dudgeon wind project off the coast of eastern England as it steps up its investments in wind power…[Masdar will have] a 35 percent stake in the project valued at 525 million pounds ($860 million)…Statoil, which will operate the plant, retains a 35 percent stake, and fellow Norwegian company Statkraft AS owns the remainder…Dudgeon is the second offshore wind investment for Masdar in the U.K., where it also owns a 20 percent stake in the 630-megawatt London Array…

“Statoil and Statkraft said on July 1 they would proceed with the 1.5 billion-pound Dudgeon project after the government awarded it a contract guaranteeing the power price the wind farm will get. Offshore construction is due to begin in 2016, with the project set for commissioning the following year…Britain is the biggest offshore wind market, with more installed turbines at sea than the rest of the world put together. The government says capacity may grow to 10 gigawatts by 2020 from about 3.6 gigawatts now, and it’s relying on the technology to help bring down emissions and meet its European Union target…” click here for more

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