Norwegian hydropower company Statkraft has sold its stake of 25% in Dogger Bank offshore wind farm to be located in the North Sea, off the coast of England.

Until now, Statkraft owned a 25% stake in the yet to be developed wind farm. Now it has sold its stake to Statoil and SSE. With the stake acquisition, Statoil’s stake in the wind farm increased from 25% to 37.5%. SSE has also increased its stake from 25% to 37.5%.

Financial details about the stake acquisition have not been disclosed. Innogy, the other partner in the wind farm will continue to hold its share of 25%.

The Dogger Bank offshore wind development includes four projects which will be developed by Forewind consortium, that was given planning approval in 2015. The total capacity of the wind projects is estimated to be 4.8GW.

Statoil offshore wind Stephen senior vice president Bull said: “Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource.

“By increasing our share, we strengthen Statoil’s long-term portfolio materiality and gain additional optionality. This is in line with our strategy to gradually complement Statoil’s oil and gas portfolio with profitable renewable energy and other low-carbon solutions.”

SSE Development (Wholesale) director Mike Seaton said: “This acquisition represents the next step in the development of the Dogger Bank Offshore Wind development, SSE will continue to work alongside the remaining partners in the Forewind consortium to progress these projects.”

Reuters quoted Statkraft as saying that in this June it will sell its stakes in the Sheringham Shoal and Dudgeon offshore wind farms in the UK, which are 40% and 30% respectively. The company is expecting to complete the sale by the end of this year.

Image: Sheringham Shoal off the coast of Norfolk. Photo: Courtesy of Statoil ASA.