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United Kingdom

United Kingdom

Statkraft sells 49% stake in UK onshore wind projects

UK: Statkraft has sold a 49% stake in its 142.2MW onshore wind portfolio to Chinese-backed firm Gingko Tree Investment.

Statkraft's 52.5WM Baillie project was commissioned last year
Statkraft's 52.5WM Baillie project was commissioned last year

The Norwegian state utility has developed three projects in the UK; the 23MW Alltwalis project in Wales, the 52.5MW Baillie and the 66.7MW Berry Burn sites in Scotland.

Berry Burn is due online by the end this while the remaining projects have been operational since 2009 and 2013 respectively.

Statkraft said it would continue to operate the projects, including operations and maintenance services.

Executive vice president of Statkraft, Jon Brandsar, said the deal will allow the company to grow in the wind sector through project development.

The sites will placed under a new holding company Wind UK Invest, 51% owned by Statkraft, with the remaining stake held by Gingko.

Gingko Tree Investment is a UK-based subsidiary of the Chinese government's State Administration of Foreign Exchange, which manages the country's foreign exchange reserves.

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