Norwegian firm Statoil has agreed to sell 25% of its assets in the Hywind Scotland pilot park to Abu Dhabi clean energy company Masdar.

Located offshore Peterhead in Aberdeenshire, Scotland, the wind farm will geenrate enough energy to power about 20,000 households.

It is expected to start operations in late 2017.

Both the companies have agreed to share the development risk and Masdar will cover 25% of past and future costs.

Apart from the transaction, the two companies have entered into a collaboration agreement under which they will work together on other clean technology projects across several other markets in the near future.

Statoil New Energy Solutions executive vice president Irene Rummelhoff said: "The Hywind Scotland pilot park has the potential to open attractive new markets for renewable energy production worldwide.

“We believe Masdar can be a strong partner also in future Hywind projects and we hope that our collaboration will result in future value creation opportunities for both parties."

Masdar CEO Mohamed Jameel Al Ramahi said: "Masdar is excited to join the team developing the world’s first floating wind farm, and to build on our partnership with Statoil.

“Hywind Scotland represents the next stage in the evolution of the offshore wind industry, combining the project management experience and technical expertise of one of the world’s largest offshore energy players – and our own capabilities in renewable energy development acquired over the last decade in the UK and international markets.”

The project will cover 4km2 of area at depths between 95-120 m2. The average wind speeds at this region of the North Sea is likely to be 10m per second.

Substructures for the project have been manufactured in Spain and will reach Norway, later this spring. The assembly is expected to begin during this summer, before sailing off to Peterhead.

Statoil estimates that global offshore wind has a potential to reach 100GW by 2030. While fixed turbines have to be established between depths of 20-50m, but with floating wind projects such as Hywind can enable wind farms to be established in deeper water areas around the world.

Image: Masdar acquires 25% stake in Hywind Scotland pilot wind farm. Photo: Courtesy of Statoil ASA.