Statoil says that the final turbine on its Dudgeon field in England has been installed and the company is "well on its way" to providing over 1 million homes in Europe with renewable electricity.

The site, off the coast of Norfolk in England, was completed under its £1.5 billion ($1.98 billion) budget and delivered on time, the Norway based energy business said on Thursday.

"Dudgeon offshore wind farm is part of Statoil's strategy of gradually supplementing our oil and gas portfolio with profitable renewable energy," Irene Rummelhoff, Statoil's executive vice president for New Energy Solutions, said in a statement.

"Offshore wind has been a natural place to start, as we can build on our maritime expertise, experience from complex projects and our supplier chain," Rummelhoff added.

According to Statoil the 67 turbines each have a capacity of 6 megawatts, and together can supply 410,000 homes with electricity. Statoil is the project's operator with a 35 percent share, while Statkraft and Masdar are partners with 30 and 35 percent shares, respectively.

The U.K. is a world leader in offshore wind. According to the Global Wind Energy Council, it is home to the world's largest offshore wind market, followed by Germany and China.