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Equinor, partners combine two planned UK offshore wind projects
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OSLO (Reuters) – Norway’s Equinor and partners have agreed to join two planned offshore wind projects in Britain into one legal entity, in a move it said would be more cost-effective and help to minimise the environmental impact.
OSLO (Reuters) – Norway’s Equinor and partners have agreed to join two planned offshore wind projects in Britain into one legal entity, in a move it said would be more cost-effective and help to minimise the environmental impact.
The projects are extensions to the operational Sheringham Shoal and Dudgeon Offshore Wind Farms, which currently power around 710,000 UK homes, and were granted development consent in April, Equinor said in a statement on Tuesday.
The planned extensions would double the wind farms’ capacity.
The Dudgeon Extension Project is owned 35% by Equinor, 35% by Masdar, and 30% by China Resources Power.
The Sheringham Shoal Extension Project is currently 100% owned by Equinor, but two funds – Equitix Offshore 3 Limited and another managed by Macquarie Asset Management – have options to acquire a total of 60% at the final investment decision (FID).
“The new ownership structure enables a cost-effective joint development of the two projects whilst minimising environmental and local impact in Norfolk, contributing positively to the UK’s ambition of delivering clean power by 2030,” Equinor said.
(Reporting by Nora Buli; Editing by Mark Potter)
Offshore wind energy refers to the generation of electricity using wind turbines located in bodies of water, typically seas or oceans, to harness wind energy for power generation.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project while maintaining their separate identities.
Capacity refers to the maximum output that a power plant can produce under specific conditions, typically measured in megawatts (MW) or gigawatts (GW).
Development consent is the approval required from regulatory authorities to proceed with a construction project, ensuring it meets legal and environmental standards.
An environmental impact assessment (EIA) is a process used to evaluate the potential environmental effects of a proposed project before it is approved.
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