GIB buys Sheringham Shoal stake

UK: The Green Investment Bank has acquired a 20% stake in the 317MW Sheringham Shoal offshore wind project, co-owned by Statkraft and Statoil.

Sheringham Shoal has been operating since 2012

GIB will invest £240 million (EUR 303 million) in the project and take a 20% stake in the project from Scira Offshore Energy.

Scira is the joint venture set up by Statkraft and Statoil to own its wind projects. The join venture is currently developing the 402MW Dudgeon offshore project, located close to Sheringham Shoal.

Siri Espedal Kindem, senior vice president for renewable energy at Statoil said GIB's acquisition "demonstrates that investments in the UK renewable business are attractive".

GIB said it plans to transfer the project to its new Operating Offshore Wind fund as a "seed asset". The £1 billion fund, launched in June, aims to buy stakes in existing offshore projects so developers can reinvest in new ones.

Sheringham Shoal is located 17 kilometres of the UK's east coast. It uses 88 Siemens 3.6MW turbines and was commissioned in September 2012.