EnergyWatch

Statoil gets Masdar to join floating offshore wind farm

Norwegian energy behemoth Statoil is selling 25 percent of Scottish Hywind to Abu Dhabi-based Masdar.

Photo: Takeshi Ishihara

It will be the world's first floating wind farm, but it will not be funded exclusively by Norwegian money as previously expected. This emerged today after Norway's Statoil sold 25 percent of the Hywind Scotland project – the world's first floating wind farm – to the Abu Dhabi's national fund Masdar.

Hywind, which is located off of Peterhead in Aberdeenshire, Scotland, will supply about 20,000 homes with electricity when complete in late 2017. The farm will consist of five Siemens 6 MW turbines. According to Statoil, it will cost NOK 2 billion (EUR 221 million) to construct Hywind. As such, the farm holds the prospect of supplying electricity at a price 60-70 percent below what offshore wind has thus far cost in Scotland, according to estimates from Statoil.

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