Statoil submits proposal for subsidy free offshore wind tender
Date: 2017-12-28   Author: Dhananjay Punekar  Category: #market

Statoil ASA, the reputed Norway-based oil & gas firm, has submitted a proposal to acquire a 760 MW offshore wind project in the North Sea area of The Hollandse Kust Zuid Wind Farm in Netherlands. According to reliable sources, the firm aims to acquire the world’s first zero subsidized wind project to make huge contributions towards sustainable energy. It has also been learnt that Statoil is planning to make investments worth EUR 10 billion in renewable energy & low carbon projects marking a total shift from oil & gas major to a reputed power & energy firm.

As per one of the key officials of New Energy Solutions of Statoil, the firm has claimed that it possesses a fair chance of the project acquisition with more than forty years of experience in offshore energy exploration across Europe. The firm has further affirmed its ability to apply future-fit operations & maintenance concepts suitable for the wind farm project.

Sources have cited that Statoil operates some of the most reputed offshore wind farms in Europe that supply energy to over one million homes in the UK and Germany. In the last quarter of this year, Statoil inaugurated the world’s first floating offshore wind project in Scotland. Experts state that the final commissioning of Dudgeon Offshore Wind Farm in October 2017 across the North Sea reveals the firm’s effective project implementation ability. According to reports, the farm became operational in November 2017 with construction costs being lowered from £ 1.5 billion to approximately £ 1.25 billion.

Industry analysts believe that the strategic decision will further drive the growth of renewable energy sector. With the firm’s declaration to invest in the offshore wind farm project in Holland, it has witnessed an increase of 6.7% in its shares over the past three months. Furthermore, sources speculate that the project will be awarded to the firm in the first quarter of 2018.



About Author


Dhananjay Punekar

Dhananjay Punekar

Dhananjay currently works as a content writer at AlgosOnline. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted fo...

Read More

More from Dhananjay


Post Recommendents

Automotive turbocharger market revenue to exceed USD 24 billion by 2024, five trends this industry is currently dominated by
Author: Saipriya Iyer

Global Market Insights, Inc., estimates automotive turbocharger market size to exhibit a CAGR of 9% over 2017-2024, reportedly driven by the escalating demand for turbocharging technologies to deliver fuel-efficient ve...


Minetec to supply Olympic Dam with underground fleet management system
Author: Dhananjay Punekar

Australian company Minetec, a subsidiary of Codan Limited, has apparently won a contract for delivering an underground fleet management system to BHP’s Olympic Dam copper-uranium-gold mine. The monetary value of ...


PayPal acquires iZettle to strengthen control in in-store payments
Author: Dhananjay Punekar

PayPal Holdings Inc., a U.S. based online payments firm, has decided to purchase iZettle, a Sweden-based financial tech firm for small businesses, for a valuation of USD 2.2 billion. As per sources familiar with the ma...