Statkraft sells 30 per cent share in Dudgeon Offshore Wind Farm

Statkraft has signed an agreement to sell its 30 per cent stake in Dudgeon Offshore Wind Limited to a consortium led by China Resources (Holdings) Company Limited, a state-owned Chinese enterprise with businesses in power, consumer products, real estate, cement, gas, pharmaceuticals and finance.

The 402 MW Dudgeon Offshore Wind Farm, built off the coast of Norfolk in the UK, was officially opened 22 November this year by the owners Statoil (35 per cent), Masdar (35 per cent) and Statkraft (30 per cent).

The agreed purchase price for the 30 percent equity interest is GBP 555 million. The price is based on estimated completion accounts as at 31.12.2017 and will be adjusted in accordance with final completion mechanics. The transaction requires approval from the Chinese and Germany competition authorities, and will likely also require approval from the Korean competition regulator.

The transaction will be completed when the necessary approvals are in place and closing is expected to take place in the first quarter of 2018.

The agreement is in line with Statkraft's strategy of no longer investing in new offshore wind projects and divesting its holdings in offshore wind assets. With this agreement Statkraft has divested all holdings in offshore wind.

For further information, please contact:
Media:
VP Communications, Wind Power Torbjørn Steen, tel: +47 911 66 888, e-mail: ts@statkraft.com
Press spokesperson Lars Magnus Günther, tel: +47 91 24 16 36, e-mail: lars.gunther@statkraft.com

Capital markets:
Vice President Tron Ringstad, tel: +47 992 93 670, e-mail: tron.ringstad@statkraft.com
Funding Manager Stephan Skaane, tel: +47 905 13 652, e-mail: stephan.skaane@statkraft.com

Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 3800 employees in 16 countries.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.