Statoil has entered into a swap agreement with Innogy and SSE for equity stakes in the 4.8GW Dogger Bank offshore wind development project in the UK.

Dogger Bank development project is comprised of four offshore wind farm projects, including Creyke Beck A and B and Teesside A and B.

Once the deal concludes, Statoil and SSE will each hold 50% stake in Creyke Beck A and B and Teesside A, while Innogy will own 100% interest in Teesside B project.

Dogger Bank is claimed to be the world’s largest offshore wind development project, which secured approval for the development of 4.8GW capacity. Each of the four projects is consented with 1.2GW capacity.

Once operational, Dogger Bank projects will supply clean electricity to around 5 million homes in the UK.

The three Dogger Bank projects, which Statoil and SSE will own are situated between 125km and 195km off the east coast of Yorkshire. 

Planning approval for the first phase of the project, Dogger Bank Creyke Beck, was granted by the UK government in February 2015. The consent for the second phase, Dogger Bank Teesside, was granted in August 2015.

Statoil New Energy Solutions executive vice president Irene Rummelhoff said: “Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource and the asset constitutes a very important element in Statoil’s strategy to gradually complement our oil and gas portfolio with profitable renewable energy solutions.

“As operator of both the Sheringham Shoal and Dudgeon offshore wind farms, located in the same area, we can further improve efficiency and increase competitiveness across projects.”

Image: Statoil has signed swap agreement with Innogy and SSE for 4.8GW Dogger Bank offshore wind development project. Photo: courtesy of Statoil ASA.