Statoil to go ahead with $2.6B U.K. offshore wind farm

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO) and Norwegian partner Statkraft say they will proceed with development of the £1.5B ($2.6B) Dudgeon wind farm off the U.K. coast.

The 402 MW project will have 67 wind turbines each with 6 MW of capacity, generating enough power for 410K U.K. homes, according to a statement today from operator STO; the companies will first build an onshore substation and lay cables on land before beginning offshore construction in 2016.

The U.K. has more installed offshore wind power generation capacity than the rest of the world put together, with 3,689 MW out of 6,930 globally, but since November developers have canceled more than 5,500 MW of planned capacity, citing costs, engineering difficulties and environmental concerns.