(MENAFN) A capital fund set up by Statoil, a Norwegian multinational oil and gas firm, initiated its first ever renewable energy venture with an eye on small-scale US wind, based on reports.
Statoil Energy Ventures, the Stavanger-based company's capital fund worth USD200 million, shaped a partnership with United Wind to look for small-scale wind energy solutions in the US.
Moreover, Federal data reveals that renewable energy represented more than 10 percent of overall US power generation, with wind and solar power accounting for the majority of the gains.
"Today's investment in United Wind secures early entry in the company driving the growth of the distributed wind market in the United States," said Statoil Energy Ventures' director.
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