Masdar Buys Half Statoil Stake in U.K. Offshore Wind Farm - Bloomberg

Masdar Buys Half Statoil Stake in U.K. Offshore Wind Farm - Bloomberg:



"Masdar Abu Dhabi Future Energy Co. agreed to buy half of Statoil ASA’s stake in the 402-megawatt Dudgeon wind project off the coast of eastern England as it steps up its investments in wind power.



The purchase will leave Masdar with a 35 percent stake in the project valued at 525 million pounds ($860 million), the Abu Dhabi government’s renewable-energy company said today in an e-mailed statement. Statoil, which will operate the plant, retains a 35 percent stake, and fellow Norwegian company Statkraft AS owns the remainder.



Dudgeon is the second offshore wind investment for Masdar in the U.K., where it also owns a 20 percent stake in the 630-megawatt London Array. For Statoil, Norway’s state-controlled oil company, the sale adds to divestments of about $20 billion since 2010 as it reins in spending and focuses on its most profitable projects."



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