Norway's Equinor and partners have agreed to join two planned offshore wind projects in Britain into one legal entity, in a move it said would be more cost-effective and help to minimize the environmental impact.
The projects are extensions to the operational Sheringham Shoal and Dudgeon Offshore Wind Farms, which currently power around 710,000 UK homes, and were granted development consent in April, Equinor said in a statement on Tuesday.
The planned extensions would double the wind farms' capacity.
The Dudgeon Extension Project is owned 35% by Equinor, 35% by Masdar, and 30% by China Resources Power.
The Sheringham Shoal Extension Project is currently 100% owned by Equinor, but two funds - Equitix Offshore 3 Limited and another managed by Macquarie Asset Management - have options to acquire a total of 60% at the final investment decision (FID).
"The new ownership structure enables a cost-effective joint development of the two projects whilst minimizing environmental and local impact in Norfolk, contributing positively to the UK's ambition of delivering clean power by 2030," Equinor said.