Investor confidence in UK offshore wind ‘remains high’, says Renewable UK

Renewable UK has claimed that investor confidence in UK offshore wind “remains high” following the announcement that £1.3 billion funding has been secured for the Dudgeon windfarm.

The 402MW major offshore wind farm project off the North Norfolk coast reached a £1.3 billion agreement to achieve financial close, and will be the first offshore wind project to be developed under the Contracts for Difference (CfDs) scheme.

Renewable UK’s deputy chief executive Maf Smith said: “This announcement proves that the UK is the go-to destination for offshore wind investors.

“Our world-leading offshore wind industry will double in capacity by 2020, driving down the cost of electricity and securing future energy supplies from British waters.”

Dudgeon is being developed by the Norwegian oil and gas company Statoil (35 per cent), Abu Dhabi‘s renewable energy company Masdar (35 per cent), and Norway‘s state-owned electricity company Statkraft (30 per cent).

The project is expected to begin operations by the second half of 2017 and deliver an annual production of 1.7TWh.

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