Norway’s Statkraft Cuts Stake in 60 U.K. Wind Turbines

Jul 31, 2014 10:12 am ET

(Corrects to remove reference to offshore in headline, first paragraph.)

July 31 (Bloomberg) -- Statkraft AS, Europe’s largest generator of renewable energy, sold part of its stake in three wind farms in the U.K. to Gingko Tree Investment Ltd. of China to fund investment in new projects.

Statkraft, based in Oslo, sold 49 percent of Wind U.K. Invest Ltd., which owns the Alltwalis wind farm in Wales and the Baillie and Berry Burn facilities in Scotland, for an undisclosed sum, the company said in a statement today.

“We have firm growth ambitions in both onshore and offshore wind power,” Jon Brandsar, Statkraft’s head of wind power and technologies, said in the statement. “This agreement enables further growth through project development while at the same time maintaining our industrial role.”

Statkraft is expanding its wind-power operations in Europe amid a drive for sources of renewable energy. It will develop the 1.5 billion-pound ($2.5 billion) Dudgeon wind farm off the U.K. coast with Statoil ASA, the companies said earlier this month.

Gingko Tree Investment is a unit of the State Administration of Foreign Exchange, which manages China’s foreign-exchange reserves, according to the Sovereign Wealth Fund Institute.