A NORWEGIAN oil giant has sold one quarter of its stake in the world’s first floating wind farm, situated off the Peterhead coast, to an Abu Dhabi-based renewables firm.

Statoil is behind the innovative 30MW Hywind Floating Pilot Park, which will see the deployment of five floating turbines with the capability of powering 20,000 homes.

It is expected to begin producing energy by the end of next year.

Statoil has now sold 25 per cent of its assets in the scheme to Masdar of Abu Dhabi. They will jointly share in the risks associated with the development. Masdar will cover 25 per cent of previous and future costs.

However, Statoil will retail a 75 per cent share in Hywind Scotland.

Substructures for the scheme have been built in Spain and are due to arrive in Norway in the spring, from where they will be moved to Peterhead after assembly.

Statoil executive vice-president for new energy solutions, Irene Rummelhoff, said: “The Hywind Scotland pilot park has the potential to open attractive new markets for renewable energy production worldwide.

“With Masdar onboard as a strong strategic partner we are teaming up with a company with high ambitions within renewable energy.”

Masdar chief executive Mohamed Jameel Al Ramahi said: “Hywind Scotland represents the next stage in the evolution of the offshore wind industry, combining the project management experience and technical expertise of one of the world’s largest offshore energy players – and our own capabilities in renewable energy development acquired over the last decade in the UK and international markets.”