Statoil Enters German Offshore Wind Market

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Norway's oil and gas giant, Statoil ASA (OSE:STL) (Stavangar, Norway), is pushing ahead with its green energy plan by buying its way into the German offshore wind sector.

The company has purchased a 50% stake in the Arkona offshore windfarm for 1.2 billion euros ($1.4 billion). The windfarm, which has a planned total generating capacity of 385 megawatts (MW), is being developed by the renewable energy arm of German utility E.ON SE (FWB: EOAN) (Düsseldorf, Germany). Located 35 kilometers northeast of the Rügen island in German waters, it will consist of 60 turbines rated at 6 megawatts each, which will be mounted on monopile foundations installed at water depths of 23-37 metres. Work is expected to kick off early next year with commissioning planned for August 2019. When completed, it will be capable of supplying power for approximately 400,000 homes.

The investment forms part of Statoil's increased investment in clean energy. Last year, the company confirmed funding of $231 million for the world's largest floating windfarm project, which is located off the coast of Peterhead in Aberdeenshire, Scotland. The Hywind Scotland Pilot Park will use five SWT-6.0-154 direct-drive offshore wind turbines, rated at 5 MW each, from Siemens AG (ETR:SIE) (Munich, Germany). For additional information, see November 10, 2015, article - World's First Floating Windfarm Gets Funding.

"This investment is in line with our strategy to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon solutions," said Eldar Sætre, Statoil's president and chief executive officer. "We are also pleased to develop this project in Germany, where Statoil is the second-largest supplier of natural gas. We have been delivering gas from Norway through three direct pipelines for over 35 years, and Statoil's entry into German offshore wind adds a new dimension to the Norwegian-German energy partnership."

The addition of Arkona boosts the company's offshore wind portfolio by about 50%. Industrial Info reported in February on the company's launch of a $200 million renewables investment fund, which will be used to finance projects in Europe and the U.S.. For additional information, see February 24, 2016, article--Statoil Launches $200 Million Renewable Energy Fund.

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