Masdar has bought a 25 per cent stake in Hywind, a floating offshore wind demonstration project in Scotland.
The UAE-based firm has struck a deal with Hywind owner Statoil that includes agreements to share costs and risks as well as a commitment to collaborate on the development of clean energy technologies across several markets in the near future.
“The Hywind Scotland pilot park has the potential to open attractive new markets for renewable energy production worldwide,” said Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions. “With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy.
“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.”
Statoil and Masdar have agreed to share the development risk in Hywind, while Masdar will cover 25 per cent of previous and future costs.
“Masdar is excited to join the team developing the world’s first floating wind farm, and to build on our partnership with Statoil,” said Chief Executive Officer at Masdar, Mohamed Jameel Al Ramahi. “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.”
The Hywind pilot park will cover 4 km2 and is located 25 km off the Scottish coast at Peterhead. Water depths at the site are 95-120 m.