Norwegian firm Statoil has completed the previously announced stake purchase of 12.5% in the Dogger Bank offshore wind farm from Statkraft.

The acquisition increases Statoil’s stake in the 4.8GW offshore wind farm to 37.5%.

Located in the North Sea off the east coast of England, the Dogger Bank consists of four projects developed by the Forewind consortium.

Statoil’s offshore wind senior vice president Stephen 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.”

British energy company SSE has also bought a similar stake in the wind farm from Statkraft. Statoil and SSE are partners to Statkraft in the projects.

The acquisition results in a new Dogger Bank shareholding of Statoil with 37.5% stake, SSE with 37.5% and Innogy 25%.

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.”

Statkraft said that the stake sale is part of its strategy to explore opportunities to exit the ownership of offshore wind power assets.

Currently, it owns 40% stake in Sheringham Shoal offshore wind farm and 30% in Dudgeon offshore wind farm. It also holds a 50% stake in the Triton Knoll Offshore Wind project

The company intends to continue to participate in the UK offshore wind sector “as an enabler of the development and operation of projects through entering into power purchase agreements.”

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