Offshore wind
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
27 November 2014
The UK Green Investment Bank (GIB) has today announced a £240m investment in the UK’s offshore wind sector. The investment is part of a wider strategy, led by GIB, to strengthen the UK offshore wind sector by allowing developers to recycle capital into new projects and by attracting new investors into the sector.
GIB is purchasing a 20 per cent stake from Statkraft and Statoil in Scira Offshore Energy Limited (Scira), the owner of Sheringham Shoal offshore wind farm, for an agreed valuation of £240m.
The 317 MW offshore wind farm has been operating for two years in the Greater Wash area, between 17 and 23 kilometres off the coast of Norfolk.
Sheringham Shoal generates over 1.1 TWh of net renewable electricity annually, equivalent to the electricity consumption of around 220,000 homes, roughly equating to the domestic demand of the county of Norfolk.
GIB intends, in time, to transfer its stake in the Sheringham Shoal offshore wind farm to the proposed GIB Operating Offshore Wind Fund as a seed asset.
Statkraft and Statoil have further plans for developing offshore wind projects in the UK, including the 402 MW Dudgeon offshore wind project off the Norfolk coast, which is under construction and expected to be in production in 2017.
Shaun Kingsbury
Chief Executive, UK Green Investment Bank
Vince Cable
Business Secretary
Olav Hetland
Senior Vice President for Offshore Wind, Statkraft
Siri Espedal Kindem
Senior Vice President for Renewable Energy, Statoil
Media enquiries
About Sheringham Shoal Offshore Wind Farm
The 317 MW Sheringham Shoal Offshore Wind Farm, located between 17 and 23 kilometres off the coast of North Norfolk in the UK, comprises 88 wind turbines and will generate around 1.1 TWh of green energy per annum. This is enough clean energy to power almost 220,000 British homes. Compared to fossil fuels that is a reduction of around 500,000 tonnes of CO² emissions every year. Sheringham Shoal was developed jointly by Statkraft and Statoil through joint-venture company Scira Offshore Energy Limited. This project has drawn on know-how from Statkraft’s expertise in relation to renewable energy and Statoil’s longstanding offshore activities. Statkraft is the operator of the Sheringham Shoal Offshore Wind Farm.
About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, gas-fired power and district heating and is a global player in energy market operations. Statkraft has 3,600 employees in more than 20 countries.
About Statoil
Statoil is an international energy company with operations in 36 countries. Building on more than 40 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Stavanger, Norway with approximately 23,000 employees worldwide, and is listed on the New York and Oslo stock exchanges.