United Kingdom

United Kingdom

Statkraft completes Sheringham Shoal exit

UK: Co-developer Statkraft has sold its 40% stake in the 317MW Sheringham Shoal project off England's east coast to fund manager Equitix.

Sheringham Shoal, in the North Sea, was completed in 2012
Sheringham Shoal, in the North Sea, was completed in 2012

The £558 million (€634 million) deal is due to close by the end of the year, the Norwegian firm said.

Statkraft signalled its intention to exit the offshore wind industry in December 2015, arguing the sector was too "capital intensive".

In an agreement in September 2016, Statkraft shifted the operatorship of Sheringham Shoal to partner Statoil. Its compatriot also owns a 40% stake in the project, with the remaining 20% held by the offshore wind fund managed by the Green Investment Group (formerly the Green Investment Bank).

Earlier this year, Statkraft quit the Forewind consortium, which, at the time, was developing the Dogger Bank zone in the North Sea. It has since been disbanded, with the consortium partners developing projects separately.

Statkraft also sold its stake in the 860MW Triton Knoll site to development partner Innogy in October.

The firm's only remaining offshore interest remaining is the 30% share in the recently completed Dudgeon project, which it is still looking to divest.

Equitix has stakes in a number of onshore wind and solar projects in the UK, and has regularly been involved in the offshore transmission ownership (OFTO) regime, which sells the grid assets of offshore wind projects to third parties.

Sheringham Shoal is located 17km off the east of England. It comprises 88 Siemens (now SGRE) 3.6MW turbines. It was commissioned in 2012.

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