Located 32km off the coast of North Norfolk, the 402MW Dudgeon project will feature 67 Siemens wind turbines each with 6MW of capacity, generating enough power for 410,000 UK homes.

The companies will initially build an onshore substation and lay cables on land before starting offshore construction in 2016.

Statoil will operate the wind farm, which is expected to be commissioned by the end of 2017.

Statoil renewable energy cluster senior vice president Siri Espedal Kindem said, "With today’s investment decision, we have once again proven Statoil’s ability to create value within the offshore wind business by utilizing 40 years of leading competence and experience from complex oil and gas industry projects."

The UK government awarded the license for the Dudgeon site in the Round 2 allocation in 2003.

Commenting on the latest move, UK Energy Minister Michael Fallon said the decision underlines the success of new contracts and will bring about a steady stream of investment in renewable electricity.

Fallon noted that UK is attracting investments, supporting local green jobs and strengthening its energy supply with home-grown sources.

"We have already attracted £34 billion of private sector investment in renewable electricity since 2010, with the potential to create almost 37,000 jobs in the UK," Fallon said.

Image: The Dudgeon offshore wind farm is expected to be commissioned by the end of 2017. Photo: Courtesy of xedos4/