Masdar buys 35% stake in British wind project
Construction of wind farm off Norfolk coast scheduled to start in 2016
UAE-based renewable energy company Masdar has acquired a 35% stake in a £1.5bn ($2.5bn) offshore wind project in eastern England, the company said on Wednesday, expanding its presence in Britain.
Masdar bought the £525mn ($860mn) stake in the 402 megawatt (MW) project from Norway's Statoil, which will remain the operator and retain a 35% share, Masdar said in a statement.
The remaining 30% is held by Norwegian renewable energy company Statkraft.
Construction of the wind farm off the Norfolk coast is scheduled to start in 2016, with the project expected to be fully operational in late 2017. It will provide energy to approximately 410,000 households in Britain.
This is Masdar's second big investment in the British offshore wind energy market. The company also has a 20% stake in the 630MW London Array project, the world's biggest offshore wind farm.