GIB Pays GBP 240 Mln for 20% Stake in Sheringham Shoal's Owner …

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.

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.

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.

GIB intends, in time, to transfer its stake in the Sheringham Shoal offshore wind farm to the proposed GIB Operating Offshore Wind Fund as a seed asset.

Statkraft and Statoil have further plans for developing offshore wind projects in the UK, including the 402 MW Dudgeon offshore wind project off the Norfolk coast, which is under construction and expected to be in production in 2017.

Shaun Kingsbury, Chief Executive, UK Green Investment Bank said:

This is an important investment for the UK offshore wind sector in two respects.

Firstly, it allows two strategically important investors, Statkraft and Statoil, to take part of their investment in an operating project and reinvest it in other projects.

Secondly, we intend, in time, to transfer the asset to our proposed Operating Offshore Wind Fund, which is intended to attract new investors and new capital to the UK.

Business Secretary, Vince Cable said:

The UK s offshore wind sector is incredibly important to the UK, currently supporting 6,000 jobs and contributing millions to the economy each year. Britain leads the world in offshore wind power generation and this latest investment by GIB will cement that position.

The deal would not have happened without the Green Investment Bank it is at the heart of our industrial strategy to create green jobs and growth.

Olav Hetland, Senior Vice President for Offshore Wind, Statkraft, said:

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.

Siri Espedal Kindem, Senior Vice President for Renewable Energy, Statoil, said:

We are very satisfied to have reached an agreement with the UK Green Investment Bank.

This agreement is great news for Statoil and Statkraft as it enables us to realise 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.

Press release; Image: GIB

Posted on November 27, 2014 with tags , 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11.


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GIB Pays GBP 240 Mln for 20% Stake in Sheringham Shoal's Owner …

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