27 November 2014
UK Green Investment Bank invests £240m in UK offshore wind
sector


GIB buys 20% stake in Sheringham Shoal operating offshore wind farm.
GIB’s intention is, in time, to transfer the investment to its proposed new Operating
Offshore Wind Fund which has the aim of attracting new investors and capital to the UK
offshore wind sector.
The UK Green Investment Bank (GIB) has today announced a £240m investment in the
UK’s offshore wind sector. The investment is part of a wider strategy, led by GIB, to
strengthen the UK offshore wind sector by allowing developers to recycle capital into new
projects and by attracting new investors into the sector.
GIB is purchasing a 20 per cent stake from Statkraft and Statoil in Scira Offshore Energy
Limited (Scira), the owner of Sheringham Shoal offshore wind farm, for an agreed valuation
of £240m.
The 317 MW offshore wind farm has been operating for two years in the Greater Wash area,
between 17 and 23 kilometres off the coast of Norfolk.
Sheringham Shoal generates over 1.1 TWh of net renewable electricity annually, equivalent
to the electricity consumption of around 220,000 homes, roughly equating to the domestic
demand of the county of Norfolk.
GIB intends, in time, to transfer its stake in the Sheringham Shoal offshore wind farm to the
proposed GIB Operating Offshore Wind Fund as a seed asset.
Statkraft and Statoil have further plans for developing offshore wind projects in the UK,
including the 402 MW Dudgeon offshore wind project off the Norfolk coast, which is under
construction and expected to be in production in 2017.
Shaun Kingsbury, Chief Executive, UK Green Investment Bank said:
“This is an important investment for the UK offshore wind sector in two respects.
“Firstly, it allows two strategically important investors, Statkraft and Statoil, to take part of
their investment in an operating project and reinvest it in other projects.
“Secondly, we intend, in time, to transfer the asset to our proposed Operating Offshore Wind
Fund, which is intended to attract new investors and new capital to the UK.”
Business Secretary, Vince Cable said:
“The UK’s offshore wind sector is incredibly important to the UK, currently supporting 6,000
jobs and contributing millions to the economy each year. Britain leads the world in offshore
wind power generation and this latest investment by GIB will cement that position.
1
“The deal would not have happened without the Green Investment Bank - it is at the heart of
our industrial strategy to create green jobs and growth.”
Olav Hetland, Senior Vice President for Offshore Wind, Statkraft, said:
“Statkraft is very pleased to have the UK Green Investment Bank as a new partner in
Sheringham Shoal Offshore Wind Farm. As Europe’s leader in renewable energy and a long
term investor in the UK, we have firm growth ambitions in the UK’s offshore wind sector. This
agreement enables further investments in project development while at the same time
maintaining our industrial role as operator of Sheringham Shoal offshore wind farm.”
Siri Espedal Kindem, Senior Vice President for Renewable Energy, Statoil, said:
“We are very satisfied to have reached an agreement with the UK Green Investment Bank.
This agreement is great news for Statoil and Statkraft as it enables us to realise value
created through the development and construction phase of the Sheringham Shoal Wind
Farm. It also demonstrates that investments in the UK renewable business are attractive.”
About the project
Total project capacity: 316.8 MW
Total GIB investment: £240m
Energy generation: 1.1 TWh per annum, equivalent to the electricity consumption of around
220,000 homes, roughly the domestic demand of the county of Norfolk.
Operational date: October 2012
Technology: 88 Siemens 3.6 MW wind turbine generators; monopile foundations
Operator: Statkraft AS
ENDS
Contact
For media enquiries, please contact Stephen Moir:
stephen.moir@greeninvestmentbank.com / 0330 123 2197
Notes to Editors
About the UK Green Investment Bank
The UK Green Investment Bank was launched in November 2012. With £3.8 billion of
funding from the UK Government, it is the first bank of its kind in the world. It is a "for profit"
bank, whose mission is to accelerate the UK's transition to a greener economy, and to
create an enduring institution, operating independently of Government.
www.greeninvestmentbank.com
About Sheringham Shoal Offshore Wind Farm
2
The 317 MW Sheringham Shoal Offshore Wind Farm, located between 17 and 23 kilometres
off the coast of North Norfolk in the UK, comprises 88 wind turbines and will generate around
1.1 TWh of green energy per annum. This is enough clean energy to power almost 220,000
British homes. Compared to fossil fuels that is a reduction of around 500,000 tonnes of CO²
emissions every year. Sheringham Shoal was developed jointly by Statkraft and Statoil
through joint-venture company Scira Offshore Energy Limited. This project has drawn on
know-how from Statkraft’s expertise in relation to renewable energy and Statoil’s
longstanding offshore activities. Statkraft is the operator of the Sheringham Shoal Offshore
Wind Farm.
About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator
of renewable energy. The Group produces hydropower, wind power, gas-fired power and
district heating and is a global player in energy market operations. Statkraft has 3600
employees in more than 20 countries.
www.statkraft.com
About Statoil
Statoil is an international energy company with operations in 36 countries. Building on more
than 40 years of experience from oil and gas production on the Norwegian continental shelf,
Statoil is committed to accommodating the world's energy needs in a responsible manner,
applying technology and creating innovative business solutions. Statoil is headquartered in
Stavanger, Norway with approximately 23,000 employees worldwide, and is listed on the
New York and Oslo stock exchanges.
www.statoil.com
3