StatoilHydro and Statkraft will be working together to develop a 315-megawatt wind farm off the UK’s Norfolk coast.

The Sheringham Shoal Offshore Wind Farm will feature 88 turbines and is expected to begin operations in 2011. Once it’s fully developed, the installation will generate about 1.1 terawatt-hours of energy a year: enough to power about 220,000 British homes.

Under the agreement announced this week, Statkraft will assume a 50-percent share in the project, becoming an equal partner with StatoilHydro, which previously owned the development outright.

“We believe our joint efforts will generate value for both companies, as well as our owners and society as a whole,” said Helge Lund, StatoilHydro’s chief executive.

Bård Mikkelsen, chief executive of Statkraft, added, “Europe is facing massive growth in renewable capacity by 2020, and 50 percent of the growth is expected to come in wind power. Statkraft is already Europe’s largest generator of renewable energy, and it has extensive experience of onshore wind power. The partnership with StatoilHydro will take us into the offshore wind industry as well — which is in line with our core growth strategy and within the investment plans already communicated to the market.”

Sheringham Shoal, between 17 km and 23 km off the coast of the town of Sheringham in northern Norfolk, will cover an area of 35 square kilometres. Construction will begin in early summer 2009, and a gradual start-up of production is scheduled for 2011. The Sheringham Shoal Offshore Wind Farm has received all the approvals needed for construction and operation.

StatoilHydro and Statkraft are also collaborating with SSE/Airtricity and RWE/Npower on the joint venture Forewind, bidding for the third licensing round in the UK.

StatoilHydro and Statkraft will hold a press conference at 11.00 today in StatoilHydro’s offices at Vækerø, Oslo. CEO Helge Lund and CEO Bård Mikkelsen will be present.

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