In recent years, there have been significant cost reductions in both the onshore and bottom fixed offshore wind sectors. Floating wind is expected to follow a similar downward trajectory over the next decade, making it cost competitive with other renewable energy sources.

“Statoil has an ambition to reduce the costs of energy from the Hywind floating wind farm to € 40-60 €/MWh by 2030. Knowing that up to 80% of the offshore wind resources are in deep waters (+60 meters) where traditional bottom fixed installations are not suitable, floating offshore wind is expected to play a significant role in the growth of offshore wind going forward,” says Rummelhoff.

Mohamed Al Ramahi, CEO of Masdar, is pointing to that future opportunities are already being assessed.

“Masdar has a long-standing commitment to renewable energy in the United Kingdom, and we are immensely proud to deliver our first project in Scotland alongside our partners,” says Al Ramahi.

“Hywind Scotland is showing that floating wind technology can be commercially viable wherever sea depths are too great for conventional fixed offshore wind power. This opens up a number of new geographies, and we are already looking at future opportunities with our partners, building on our existing international portfolio in onshore and offshore wind energy, and solar power,” he says.

Hywind Scotland is adding to Statoil’s strong UK presence, and over the last few years Statoil’s footprint has grown in the UK. In Aberdeen over 1500 are employees in the final phase of commissioning the Mariner oil field, one of the largest upstream UKCS developments in the last ten years, due to come onstream in 2018.

Statoil already has a sizeable renewables portfolio with an offshore wind portfolio with the capacity of providing over 1 million homes with renewable energy. Statoil operates the Sheringham Shoal wind farm in the UK, which has been in production since 2012.

The Dudgeon offshore wind farm in the UK, also operated by Statoil has now been completed and is also in production. In 2016 Statoil also acquired 50% of the Arkona offshore wind farm in Germany, which will deliver power in 2019. Statoil recently announced the acquisition of a 40% share in the construction ready 162MW Apodi solar asset in Brazil.