Statoil and SSE Team Up for World's Largest Windfarm Project

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Norwegian oil and gas major company Statoil ASA (NYSE:STO) (Stavangar, Norway) and U.K. energy company SSE plc (Perth, Scotland) have formed a joint venture to develop three offshore windfarms with a combined generating capacity of 3,600 megawatts (MW).

The windfarms make up three of the four Dogger Bank offshore projects--Dogger Bank Creyke Beck A, Dogger Bank Creyke Beck B and Dogger Bank Teesside A--and each have a generating capacity of 1,200 MW. In 2015, Industrial Info reported on the proposed doubling in size of Dogger Bank, the world's largest offshore windfarm development. For additional information, see August 11, 2015, article - World's Largest Planned Windfarm Doubles in Size.

The 50:50 partnership will see both companies work to progress the three consented projects toward financial investment decisions. The Dogger Bank zone is located between 125 and 195 kilometres (km) off the east coast of Yorkshire and extends over approximately 8,660 square kilometers. In total, the Dogger Bank projects have the potential to provide renewable energy to up to 5 million U.K. homes. Each will cost an estimated $6 billion to develop.

Mike Seaton, director of development at SSE said: "SSE is delighted to partner with Statoil to progress the three Dogger Bank Projects. This partnership, along with SSE's stake in the £2.6 billion ($3.4 billion) Beatrice Offshore Windfarm Limited offshore project in the Moray Firth, confirms our ongoing commitment to the development of our offshore wind portfolio. Each project represents a significant offshore development in its own right. We're looking forward to working closely with Statoil to consider all of the options available to us in order to develop these projects further."

"Dogger Bank represents a unique opportunity for the U.K. to develop secure, sustainable and cost-competitive energy from its world-class wind resource and the asset constitutes a very important element in Statoil's strategy to gradually complement our oil and gas portfolio with profitable renewable energy solutions," added Irene Rummelhoff, Statoil's executive vice president for New Energy Solutions.

Statoil added to its stake in Dogger Bank after buying Statkraft's 25% stake last year, along with its 40% stake in the Sheringham Shoal offshore project off the coast of Norfolk. Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.