Masdar takes stake in UK floating windfarm project

Abu Dhabi clean energy company Masdar has acquired a 25 per cent stake in Statoil’s floating wind farm project in Scotland.

Hywind Scotland is a 30 MW wind farm in the North Sea which Statoil has been developing for several years.

“Hywind Scotland represents the next stage in the evolution of the offshore wind industry,” said Masdar chief executive Mohamed Jameel Al Ramahi. “We see tremendous potential in the commercial application of floating offshore wind technologies.”

The collaboration with Masdar was announced today at an official ceremony during Abu Dhabi Sustainability Week.

The deal will see Statoil and Masdar share the development risk and Masdar will cover 25 per cent of previous and future costs.

Due to start commercial operation in late 2017, Hywind Scotland would be the world’s first floating offshore wind farm. It consists of five 6 MW floating wind turbines anchored to the seabed. The farm covers an area of around four-square kilometres.

The pilot project’s objective is to demonstrate cost efficient and low risk solutions for future commercial-scale floating wind farms.

Scottish Parliament economy secretary Keith Brown said today that Hywind Scotland’s “novel technology offers vast, global potential. This pilot project aims to take advantage of Scotland’s huge offshore wind resource by operating in waters exceeding 100m depth, demonstrating cost efficient and low risk solutions for commercial scale parks.”

Statoil’s executive vice-president for new energy solutions, Irene Rummelhoff, said she believed “Masdar can be a strong partner also in future Hywind projects and we hope that our collaboration will result in future value creation opportunities for both parties”.

Hywind Scotland is the second offshore wind partnership between Masdar and Statoil following the Dudgeon wind farm, a 402 MW project in the UK also due to come on-stream by the second half of 2017.

Statoil gets go-ahead for Scottish floating windfarm project

 

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...