Masdar Acquires 25% Stake in Statoil’s Hywind Scotland Project

Statoil has agreed to divest 25% of its assets in Hywind Scotland pilot park, the world’s first floating wind farm, to Masdar.

Hywind Scotland Project Illustration (Image: Statoil)

Through the transaction, Statoil and Masdar have agreed to share the development risk and Masdar will cover 25% of previous and future costs, with Statoil holding 75% stake in the project. The partnership also consists of a collaboration agreement which will enable the two companies to work together on clean energy technologies across several markets in the near future.

“With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy. We believe 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,” said Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions.

The Hywind Scotland foundations are being constructed in Spain and will arrive at the yard at Stord in Norway later this spring, followed by assembly during the summer of 2017, before sailing off to Peterhead, Statoil said.

“Hywind Scotland represents the next stage in the evolution of the offshore wind industry, combining the project management experience and technical expertise of one of the world’s largest offshore energy players – and our own capabilities in renewable energy development acquired over the last decade in the UK and international markets,” said Chief Executive Officer at Masdar, Mohamed Jameel Al Ramahi.

Masdar, Abu Dhabi’s company investing in renewable energy projects, already has stakes in two large UK offshore wind farms: London Array and Dudgeon.

According to last year’s reports, the company has been considering an investment in a 1.5GW portfolio of different offshore projects in the European market.