Masdar, Statoil, & Statkraft Secure £1.3 Billion For Dudgeon Offshore Wind Farm

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Co-developers Masdar, Statoil, and Statkraft have secured £1.3 billion in project financing for the 402 MW Dudgeon Offshore Wind Farm.

The developers of what will be one of the world’s largest offshore wind farms on completion announced the limited recourse financing for the project earlier this month. The £1.3 billion long-term financing will go toward funding the capital requirements for the 402 MW Dudgeon Offshore Wind Farm, which is currently under construction 32 kilometers off the North Norfolk coast of East England. Planned for commercial operations by the second half of 2017, the Dudgeon Offshore Wind Farm will deliver an annual production of 1.7 TWh of electricity from 67 wind turbines, generating enough clean electricity to power the equivalent of 410,000 UK homes, and displacing 893,000 tonnes of CO2 annually.

The Dudgeon Offshore Wind Farm is a joint project being developed by Norwegian oil & gas company Statoil (35%), Abu Dhabi’s renewable energy company Masdar (35%) and Norway’s state-owned electric company Statkraft (30%). The project is the first to qualify for the UK Government’s ‘Contract for Difference‘ scheme.

”Closing such a significant phase of the project’s development so swiftly illustrates the energy industry’s confidence in the long-term potential of offshore wind, and the increasing sophistication of financing models available to the sector,” said Halfdan Brustad, Chairman of Dudgeon Offshore Wind Limited. ”It is also a testament to the project‘s commercial competitiveness, smooth execution, and the growing investor appetite for utility-scale renewable energy.”

“Dudgeon demonstrates the willingness of its developers to support the ongoing growth of the UK green economy. The project benefits the UK‘s offshore wind industry; at least 70 local jobs are created directly in the operations phase, additional jobs during construction and indirectly in the supply chain. More than 50% of the construction cost is anticipated to be spent in the UK supply chain.”

“This announcement proves that the UK is the go-to destination for offshore wind investors,” said RenewableUK’s Deputy Chief Executive Maf Smith. “Big deals like this support thousands of British jobs in every part of the country. Our world-leading offshore wind industry will double in capacity by 2020, driving down the cost of electricity and securing future energy supplies from British waters.”