Norway’s state-owned utility Statkraft is looking to sell its UK-based offshore wind portfolio as part of its strategy to end investment in the asset class.
The company owns a 40 percent stake in the 316.8MW Sheringham Shoal project which began operating in 2012. It also owns 30 percent in the 402MW Dudgeon project, which reached a £1.3 billion ($1.7 billion; €1.5 billion) financial close earlier this year.
The third asset in its portfolio is a 25 percent stake in the Dogger Bank consortium, which is seeking to build up to 2.4GW of offshore wind capacity. Statkraft has now signed a letter of intent to sell that stake to fellow shareholder Statoil, which has also agreed to take over Statkraft’s operational role in Sheringham Shoal.
It will not look to sell its 50 percent share of the 900MW Triton Knoll project until a final investment decision is made. The wind farm received approval earlier this week.
The move follows Statkraft’s announcement in December that it would no longer invest in new offshore wind projects after its budget was tightened by the Norwegian parliament.
A spokeswoman at Statkraft told Infrastructure Investor that the divestment was not planned in December but that the company has “taken some time since the December announcement to review our portfolio and consider our options including divestment”.
She added that aside from the Dogger Bank project, the company had not gone out to market yet on the divestment and wouldn't expect to do so until the beginning of 2017.
Statkraft’s decision mirrors the move made by British utility Centrica last year to divest its wind portfolio. The company agreed to sell the onshore 26MW Glens of Foundland facility and offshore 194MW Lynn and Inner Dowsing project to Blackrock and the UK Green Investment Bank for £423 million in February.