Norwegian power group Statkraft has decided to exit offshore wind power to focus on other renewable business opportunities, such as low cost hydropower, wind and solar assets in Latin America (Brazil, Chile and Peru).
The company plans to complete the sale of its 25% stake in the Forewind consortium developing two 1,200 MW offshore wind projects off the east coast of Yorkshire in the North Sea (United Kingdom). Statkraft also owns a 50% stake in the 900 MW Triton Knoll offshore wind project in the United Kingdom (in partnership with RWE) and a 30% stake in the 402 MW Dudgeon offshore wind project currently under construction in the United Kingdom. In December 2016, the group announced that it would no longer invest in new offshore wind projects, which are capital intensive.
Statkraft will rather seek to buy distressed power assets with potential efficiency increase, mainly hydropower, in Europe, South America and India. The group will also focus on power interconnection projects from Norway to the United Kingdom and Germany after 2020. Statkraft could also invest in renewable energies in the United States, especially in states willing to continue renewable investment schemes such as California.
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