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Norway's Statoil enters German offshore wind market

Xinhua, April 25, 2016 Adjust font size:

Norwegian oil and gas company Statoil said on Monday it has decided to enter the German offshore wind market through a 50 percent acquisition of the Arkona offshore wind farm.

Statoil and German power giant E.ON also announced the final investment decision on the 385 megawatt project and the estimated total investment for the project will be in excess of 1.2 billion euros (1.35 billion U.S. dollars), the Norwegian company said in a statement.

"We are pleased to announce our decision to develop this significant offshore wind project together with E.ON," Eldar Saetre, Statoil's president and chief executive officer, was quoted as saying.

"This investment is in line with our strategy to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon solutions," he said.

The Arkona wind farm will provide renewable energy for up to 400,000 households in Germany, making it one of the largest ongoing offshore wind developments in Europe.

The wind farm, which will be located in the Baltic Sea, 35 km northeast of the Rugen island in Germany, will consist of 60 six-megawatt turbines.

E.ON will have responsibility for building and operating the wind farm. Up to 400 people will help build the wind farm during the two-year construction phase and the start of electricity production is expected in 2019. Endit