Abu Dhabi-based renewables company, Masdar, has acquired a 25% stake in the Hywind Scotland pilot park scheme offshore Peterhead in Aberdeenshire.
The deal will see Masdar cover a quarter of previous and future project costs, with the Norwegian oil firm holding a 75% share.
Statoil said the 4km scheme will power around 20,000 households once production begins in late 2017.
Substructures for the 30MW project are being built in Spain and will arrived at the yard at Stord in Norway later this spring. Assembly will then take place during the summer, before being transported to Peterhead.
-- Advertisement --
Irene Rummelhoff, Statoil's executive vice president for New Energy Solutions, said the scheme could potentially open up new markets for renewable energy production worldwide.
"With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy," she said.
"We believe Masdar can be a strong partner also in future Hywind projects and we hope that our collaboration will result in future value creation opportunities for both parties."
Chief Executive Officer at Masdar, Mohamed Jameel Al Ramahi, added: "Hywind Scotland represents the next stage in the evolution of the offshore wind industry, combining the project management experience and technical expertise of one of the world's largest offshore energy players – and our own capabilities in renewable energy development acquired over the last decade in the UK and international markets."
(LM)
