Statkraft has entered into an agreement with the UK fund manager Equitix to sell its 40% stake in the 316.8MW Sheringham Shoal offshore wind farm for £558m ($749m).

The offshore wind farm is located in the Greater Wash area off the coast of Norfolk, UK.

The other investors in the wind farm, which has been in operation since October 2012, include Statoil with 40% stake and the offshore wind fund managed by Green Investment Group Management with 20% stake.

Statkraft’s stake sale is expected to be completed in the fourth quarter 2017.

The company stated: “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 Sheringham Shoal offshore wind farm has 88 Siemens 3.6MW turbines that generate enough energy for 220,000 homes.   

The facility, which covers an area of about 35km², also reduces 500,000t of carbon dioxide emissions per year.

In January, Statoil had entered into an agreement with Statkraft to take over operation of Sheringham Shoal offshore wind farm from January 2017.

The UK Green Investment Bank (GIB) had acquired a 20% stake in the offshore wind farm in November 2014 for £240m.

Scira Offshore Energy, a joint venture between Statoil and Statkraft, constructed the wind farm.

In September 2017, Bilfinger Salamis UK had won a £1m contract from Statoil to offer coating repair services for Sheringham Shoal offshore wind farm in Norfolk, Virginia, US.

Employing 3,800 people in 16 countries, Statkraft produces hydropower, wind power, solar power, gas-fired power and supplies district heating.

Image: Sheringham Shoal Offshore Wind Farm, England. Photo courtesy of NHD-INFO/Wikipedia.