Statoil completes Dogger Bank transaction

Statoil and Statkraft has completed their previously announced transaction, whereby Statoil increases its share in the Dogger Bank Offshore Wind development of an additional 12.5% stake, taking Statoil’s share to 37.5%.

The Dogger Bank offshore wind development comprises four projects developed by the Forewind consortium which were granted planning permission during 2015. The projects are located in the North Sea off the east coast of England and the wind farms have a potential generating capacity of up to 4,800MW. SSE have acquired the other 12.5% of Statkraft’s share meaning they now also have 37.5% ownership with Innogy continuing to own the other 25%.

“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. This is in line with our strategy to gradually complement Statoil’s oil and gas portfolio with profitable renewable energy and other low-carbon solutions,” says Stephen Bull, Statoil’s senior vice president for offshore wind.

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