Statoil Focuses on Offshore Wind
Zacks Equity Research reports that Norway-based Statoil ASA, through its subsidiary, has signed two contracts for the sale of a major part of its key onshore wind power assets. This forms a part of Statoil’s endeavors to concentrate on the offshore market. The first contract consists of the sale of 50 percent holding in five energy projects on the central Norwegian coast — collectively called Sarepta Energi — to Tronder Energi Kraft AS. The other contract is for the sale of wind power projects in Finnmark (northern Norway), comprising Arctic Wind AS and the three projects Hamnefjell, Båtsfjordfjellet and Snefjord, to Finnmark Kraft AS. The divestiture would help Statoil to increase its investments in the development of renewable energy, and thereby helping it focus more on offshore activities. Statoil has been progressing consistently in its offshore wind projects and has shown a significant growth.