Huge UK offshore wind farm secures £1.3bn

The developers of one of the largest offshore wind farms located off the Norfolk coast have secured £1.3 million. It will fund the 402MW Dudgeon Offshore Wind Farm, co-developed by […]

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By Priyanka Shrestha

The developers of one of the largest offshore wind farms located off the Norfolk coast have secured £1.3 million.

It will fund the 402MW Dudgeon Offshore Wind Farm, co-developed by Abu Dhabi’s Masdar and Norwegian firms Statoil and Statkraft, which is currently under construction.

The project is the first offshore project in the UK to get financing under the government’s Contracts for Difference (CfD) scheme.

It will produce 1.7TWh of electricity, enough to power 410,000 homes and cut 893,000 tonnes of CO2 every year.

The offshore wind farm is also expected to create at least 70 local jobs during the operation phase.

Statkraft will finance its 30% share in the project while Statoil will finance a share of 17.5%.

Halfdan Brustad, Chairman of Dudgeon Offshore Wind Limited said: “Closing such a significant phase of the project’s development so swiftly illustrates the energy industry’s confidence in the long term potential of offshore wind and the increasing sophistication of financing models available to the sector.

“It is also a testament to the project‘s commercial competitiveness, smooth execution and the growing investor appetite for utility-scale renewable energy.”

The project is scheduled to start commercial operations by the second half of 2017.