Statoil has sold a 25% stake in the pioneering Hywind Scotland floating wind project to Masdar, the Abu Dhabi-based clean energy group.

The Norwegian oil giant – which retains a 75% stake in Hywind Scotland – said Masdar would  share development risks and cover 25% of previous and future costs at the 30MW project, also known as Buchan Deep, which will deploy 6MW Siemens turbines off the coast of northeast Scotland.

Statoil’s