Masdar CEO Jameel Al Ramahi (left), Statoil CEOE ldar Sætre and Statkraft Wind, District heating and Projects EVP Steinar Bysveen. Credit: Ole Jørgen Bratland/ Statoil ASA.

Statoil and its partners Masdar and Statkraft have opened the 402MW Dudgeon offshore windfarm in Great Yarmouth, UK.

Situated 40km off the coast of Norfolk in England, the farm is equipped with 67 turbines.

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It was developed with a cost of around £1.25bn and is supplying renewable energy to approximately 410,000 homes in the UK.

Statoil CEO Eldar Sætre said: “Statoil will grow significantly in profitable renewable energy, with an ambition to invest around Nkr100bn (£9.19bn) towards 2030.

“[Statoil] reduced the farm’s construction costs by more than 15% from £1.5bn to around £1.25bn.”

“Dudgeon has successfully been developed in cooperation with Masdar and Statkraft, and is a key part of Statoil’s strategy to complement our oil and gas portfolio with profitable renewable energy solutions, as well as adding to Statoil’s strong UK presence.”

Statoil decided to invest in Dudgeon windfarm in 2014. The firm reduced the farm’s construction costs by more than 15% from £1.5bn to around £1.25bn.

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Masdar CEO Mohamed Ramahi said: “Today marks the completion of a three-year journey to deliver our third windpower project in the UK, but only the latest step in our collaboration with Statoil and Statkraft.”

Installed capacity of offshore wind projects is expected to grow in Europe from last year’s 12GW to 70GW by 2030 due to improvements in technology, increased deployment, and reduced costs.