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E.ON and Statoil joined together to build the Arkona project in Baltic Sea

Norwegian energy company Statoil and E.ON  will own a 50% share in the Arkona wind farm project. The estimated total investment for the project will be in excess of €1.2 billion.

It will consist of 60 six-megawatt Siemens turbines. The turbine towers will be mounted on monopile foundations installed at depths of 23 to 37 meters. The wind farm is expected to be fully operational in 2019.

This project comes in the continuity of Statoil’s line: the development of renewable energy. Eldar Sætre Statoil’s president and CEO explained: “This investment is in line with our strategy to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon solutions.”

For the E.ON’s part, this project permits to move closer to E.ON’s goals: making renewables energy truly competitive.

The company has invested more than €10 billion in renewables in Europe and the United States since 2007, and is the world’s second-largest offshore wind company.  E.ON Climate & Renewables CEO Michael Lewis said: “This project offers ideal conditions for further reducing the costs of offshore wind and will take us a big step toward realizing our goal of making renewables truly competitive.”