The acquisition is a part of GIB’s aim to strengthen the UK offshore wind sector by attracting new investors into the sector and enabling developers to recycle capital into new projects.
The 317MW wind farm, which is owned by Statkraft and operator Statoil through Scira Offshore Energy, is located in the Greater Wash area, between 17km and 23km off the coast of Norfolk.
Operating since October 2012, the facility generates more than 1.1TWh of net renewable electricity annually, which is sufficient to power around 220,000 homes.
Following completion of the deal, Statoil and Statkraft will own a 40% stake each in the project.
GIB plans to create an operating offshore wind fund and transfer the stake in Sheringham to the fund as seed asset.
UK GIB CEO Shaun Kingsbury said: "This is an important investment for the UK offshore wind sector in two respects.
"Firstly, it allows two strategically important investors, Statkraft and Statoil, to take part of their investment in an operating project and reinvest it in other projects.
"GIB sees the investment as part of a wider strategy to strengthen the UK offshore wind sector. The sale will provide Statoil and Statkraft with funds that can be invested in new renewable projects."
"Secondly, we intend, in time, to transfer the asset to our proposed operating offshore wind fund, which is intended to attract new investors and new capital to the UK."
Image: Sheringham Shoal offshore wind farm in UK. Photo: © 2014 UK Green Investment Bank plc.
