Co-developers Statoil, Masdar, and Statkraft this week officially opened the 402 megawatt Dudgeon Offshore Wind Farm off the coast of Norfolk in eastern England, after construction costs fell by 15% since the original investment decision.
First announced back in 2014, the 402 MW (megawatt) Dudgeon Offshore Wind Farm was first a joint project between Norwegian utilities Statoil and Statkraft, with 67 6 MW wind turbines supplied by Siemens. The partnership was soon joined by Masdar, with all three developers to own a piece of the Dudgeon pie.
At the time, the project costs amounted to £1.5 billion.
Fast-forward to this week, however, and operator Statoil and partners Masdar and Statkraft not only officially opened the Dudgeon Offshore Wind Farm but announced that construction costs had fallen by 15% from the time of initial investment, dropping from £1.5 billion to £1.25 billion.
“Over recent years Statoil has worked hard to reduce costs, improve efficiency and increase profitability in both our oil and gas projects and our renewable projects,” said Statoil’s executive vice president for Technology, projects and drilling, Margareth Øvrum. “Reducing costs by more than 15%, or GBP 250 million, at Dudgeon and completing the construction phase without any serious incidents is a great achievement by all three partners.”
“Today marks the completion of a three-year journey to deliver our third wind power project in the United Kingdom, but only the latest step in our collaboration with Statoil and Statkraft,” said Mohamed Al Ramahi, CEO of Masdar. “We’re proud to have played a significant role in the delivery of Dudgeon, both on the operations side and in terms of financing. The teamwork among our three companies has been exceptional, a key factor in the successful delivery of this flagship wind energy project.”