Norwegian state-owned hydropower company Statkraft has agreed to sell its stake of 40% in the 316.8MW Sheringham Shoal offshore wind farm in the UK to investment manager Equitix for a price of £558m.

Located in the Greater Wash area, 17-23kms off the NorthNorfolk coast, Sheringham Shoal has been operating since October 2012.

Statoil is the operator of the offshore wind farm with a stake of 40%, while Green Investment Group Management holds a stake of 20%.

Statkraft, in a statement, said: “The agreement is in line with Statkraft's strategy entailing that the company no longer will invest in new offshore wind projects and that holdings in offshore wind assets will be divested.”

The sale of Statkraft’s stake in the wind farm is anticipated to be closed in the fourth quarter 2017.

Construction of Sheringham Shoal started in 2009 and ended in 2011.

The offshore wind farm features 88 wind turbines, with each having a capacity of 3.6MW and manufactured by Siemens Wind Power. While the length of the turbine blade is 170ft, the height of the turbine tower 262ft.

Sheringham Shoal, which covers an area of about 35km2, generates about 1.1TWh of green energy per annum which is enough to power close to 220,000 British homes.

Power from the wind farm is transmitted through two 132kV marine cables from the two 900 tonne offshore substations to a substation at Salle, near Cawston. Power is transported from the Salle substation to a regional grid which eventually connects it to the national grid in Norwhich.

Sheringham Shoal offsets about 500,000 tonnes of CO² emissions every year.

Image: Wind turbines of the Sheringham Shoal Offshore Wind Farm. Photo: courtesy of Sheringham Shoal.