Statkraft focusing on hydropower and other renewables, exits offshore wind energy

In its strategy to exit offshore wind energy, Statkraft has sold its 30% stake in Dudgeon Offshore Wind Ltd. to a consortium led by China Resources (Holdings) Company Ltd. for US$742 million.

Statkraft made the announcement Dec. 20, saying it sold the 402-MW Dudgeon Offshore Wind Farm located off the coast of Norfolk in the UK.

Statkraft said, due to limited financial capacity, its strategy has been to exit the offshore wind industry. With this agreement Statkraft has divested all holdings in offshore wind and focusses on growth in renewables like hydropower, onshore wind, solar, district heating and other new renewable energy technologies.

In October, Statkraft strengthened its hydropower position in South America and South Asia.

Statkraft owned 81.9% of shares in Statkraft IH Invest AS (SKIHI), which owns hydropower in Peru, Brazil, Chile, India and Nepal. Statkraft purchased 18.1% of the remaining shares in SKIHI from Norwegian Investment Fund for Developing Countries (Norfund), making SKIHI a wholly-owned Statkraft subsidiary.

In June, Statkraft announced it was trying to sell the 517-MW Cetin hydropower plant being constructed in Turkey, as concern about fighting between the Turkish government and Kurdish militants continued to grow.

At the beginning of 2016, reported the company withdrew its participation in development of the 650-MW Tamakoshi 3 hydroelectric plant. Statkraft entered an agreement with the Nepalese government in 2007 to build the US$1.5 billion plant, and had since completed feasibility studies, and environmental and social impact assessments.

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Gregory B. Poindexter formerly was an associate editor for

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