Statoil strikes floating wind farm deal
Norwegian oil giant Statoil has taken on a strategic partner as it prepares to build the world's first floating wind farm off the east coast of Scotland.
It has agreed to sell 25% of its assets in Hywind Scotland pilot park to Abu Dhabi renewable energy group Masdar.
Statoil said the 30MW wind farm, which will lie about 15 miles from Peterhead, could power 20,000 households.
Production is expected to start in late 2017.
Under the transaction, Statoil and Masdar have agreed to share the development risk, with Masdar covering 25% of previous and future costs.
Statoil will continue to hold a 75% share in Hywind Scotland.
It said substructures for the project had already been constructed in Spain. They are due to arrive in Norway in the spring for assembly before being moved to Peterhead.
Irene Rummelhoff, Statoil's executive vice president for new energy solutions, said: "The Hywind Scotland pilot park has the potential to open attractive new markets for renewable energy production worldwide.
"With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy."
Masdar chief executive Mohamed Jameel Al Ramahi said: "Hywind Scotland represents the next stage in the evolution of the offshore wind industry, combining the project management experience and technical expertise of one of the world's largest offshore energy players - and our own capabilities in renewable energy development acquired over the last decade in the UK and international markets."