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China enterprise to share Dudgeon

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In line with its plans to exit to the offshore wind industry, Statkraft has sold its 30% stake in Dudgeon Offshore Wind Limited to a consortium led by China Resources (Holdings) Company Limited.

Statkraft announced plans to divest its interest in offshore wind in September 2016. The company stated that the divestment decision was made due to the industry's "capital intensive" nature and its "limited financial capacity". With the sale, Statkraft has divested the entirety of its offshore wind portfolio.

Statkraft is a company fully owned by the Norwegian state. The Statkraft Group is the Nordic region’s third largest energy producer. Statkraft develops and generates hydropower, wind power, gas power and district heating, and is also a player in the international energy markets. Statkraft has 3800 employees in 16 countries with headquarters is located in Oslo, Norway

The new owner, China Resources (Holdings) Company,  is a state-owned Chinese enterprise with businesses in power, consumer products, real estate, cement, gas, pharmaceuticals and finance. It is regarded as one of the key state-owned enterprises and has more than 450,000 employees. As of 2016, China Resources Group’s total assets reached HK$ 1098 billion (£104 billion), turnover of HK$ 492.7 billion (£47 billion) , and operating profits of HK$ 48 billion (£4.6 billion). The acquisition is valued at £555m.

Dudgeon is located 40km off the coast of Norfolk in England and all 67 turbines at the 402MW project are now delivering electricity to the UK grid. It is expected to provide energy to around 410,000 homes.

Statkraft has been a partner in the project since the acquisition of a 30% shareholding in 2012. Dudgeon was successfully developed in cooperation with the partners Masdar (35%) and Statoil (35%) under the operatorship of Statoil.

The £1.25bn project is 20km east of the Sheringham Shoal, another project Statkraft held a stake in until it divested to UK fund manager Equitix last week. The transaction is valued at £558m and is expected to be completed by the end of 2017.

Sheringham Shoal is situated 17km off the coast of North Norfolk, and has been in operation since 2012. The project has a 316.8MW capacity and features 88 Siemens SWT-3.6-107 turbines which generate enough electricity to power 260,000 UK homes annually.

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