SHERINGHAM SHOAL

The UK Green Investment Bank (GIB) has today announced a £240m investment in the UK's offshore wind sector. GIB is purchasing a 20 per cent stake from Statoil and Statkraft in Scira Offshore Energy Limited (Scira), the owner of Sheringham Shoal offshore wind farm.

Statkraft and Statoil each remain owners of a 40 per cent stake, and Statkraft remains as the operator of the wind farm.

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.

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. 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.

Statoil was the operator in the construction phase, while Statkraft is the operator of the wind farm in the operations phase.

"We are very satisfied to have reached an agreement with UK Green Investment Bank. This agreement is great news for Statoil and Statkraft as it enables us realize value created through the development and construction phase of the Sheringham Shoal Wind Farm. It also demonstrates that investments in the UK renewable business are attractive", says Siri Espedal Kindem, Senior Vice President for Renewable Energy in Statoil.

"Statkraft is very pleased to have the UK Green Investment Bank as a new partner in Sheringham Shoal Offshore Wind Farm. As Europe's leader in renewable energy and a long term investor in the UK, we have firm growth ambitions in the UK's offshore wind sector. This agreement enables further investments in project development while at the same time maintaining our industrial role as operator of Sheringham Shoal Offshore Wind Farm", said Olav Hetland, Senior Vice President for Offshore Wind in Statkraft.