08 Feb 2017 – Statkraft, the Norwegian energy company, has hired KPMG to advise on the sale of its offshore wind assets in the UK, three sources with knowledge of the situation said.
KPMG received the mandate last week, the three sources said. The sale is expected to be launched around Easter time, the said.
Statkraft said in September 2016 that it was reevaluating its UK offshore wind portfolio, so the launch of the sale has not come as a surprise to the market, the three sources said.
The deal is thought to be worth approximately USD 1bn, based on a market rate of about GBP 4m per MW for operational offshore wind and the stages of development of the Dogger Bank and Dudgeon projects, two of the sources said.
The Statkraft UK offshore wind portfolio comprises interests in three assets.
First, Sheringham Shoal, a wind farm with an installed capacity of 317MW. It is owned 40% by Statkraft, 40% by Statoil [NYSE:STO], and 20% by UK Green Investment Bank through the joint-venture company Scira Offshore Energy Limited.
The company also has a 50% stake in the 4.2GW Dogger Bank project with Innogy [ETR:IGY] and SSE [LON:SSE] each owning a 25% share.
The third asset is the Dudgeon wind farm project, which will have an installed capacity of 402MW. It is in construction and is due to be fully commissioned by late 2017, according to the company’s website. Masdar, a subsidiary of Abu Dhabi-based Mubadala Development, and Statoil each own a 35% stake in the project, and Statkraft owns the balance.
SSE, Masdar, Innogy and Green Investment Bank declined to comment. KPMG and Statkraft did not respond to requests for comment.
by Katie McQue