United Kingdom

United Kingdom

Norsk Hydro buys 50% stake in UK offshore project

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The latest international conglomerate to buy into UK offshore activity is Norsk Hydro, which has bought a 50% stake in a 315 MW wind project off the coast of Norfolk. Sheringham Shoal offshore wind farm is being developed by Scira Offshore Energy Limited, a joint venture between British wind development and engineering company SLP Energy and Dutch energy developer Ecoventures. Both companies retain a 25% share each in Scira, but under the agreement, Norsk Hydro has the option to buy a further 45% of the company, which would raise its stake to 95%. Norsk Hydro aims to develop a strong wind energy portfolio, says Hydro's Bech Gjørv. "It's vital for us to position ourselves now in order to benefit from the strong growth in offshore wind," he says. "We also see this as a sound investment thanks to the well functioning certificates system initiated by the authorities to support wind projects in the UK."

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