Final investment decision on £1.5bn wind farm

The developers of the £1.5bn Dudgeon offshore wind farm in East Anglia have reached a final investment decision.

Based off the coast of north Norfolk, the wind farm could generate enough electricity to power approximately 410,000 homes.

Dudgeon is the first out of eight renewable electricity projects that signed an investment contract to announce its final investment decision.

It is a joint venture between two Norwegian energy companies, Statoil and Statkraft.

Energy minister Michael Fallon said: “Today’s decision underlines the success of our new contracts and will bring about a steady stream of investment in renewable electricity.

“As the best place in the world to invest in offshore wind, the UK is attracting millions of pounds of investment, supporting hundreds of local green jobs and strengthening its energy supply with home-grown sources.

“We have already attracted £34bn of private sector investment in renewable electricity since 2010, with the potential to create almost 37,000 jobs in the UK.”