SSE Renewables sells stake in world’s largest offshore wind farm project
SSE Renewables, part of Scottish energy giant SSE, and Equinor are selling a stake in the first two phases of the world’s largest offshore wind farm.
Located off the north east coast of England, Dogger Bank Wind Farm is being built in three phases and will be the largest offshore wind farm in the world when operational, with an overall capacity of 3.6 gigawatts.
The first two phases, Dogger Bank A and B are being constructed at the same time while the third phase, Dogger Bank C, is being developed on a different timescale.
Eni has now entered into the joint venture, taking a 20 per cent stake in Dogger Bank A and B. The combined value of the equity consideration is £405 million – £202.5m to both SSE Renewables and Equinor for each 10 per cent stake.
There is no change to the ownership of the third phase, in which SSE Renewables and Equinor each have a 50 per cent stake.
SE Renewables and Equinor will each retain 40 per cent in Dogger Bank A and B, with SSE Renewables continuing to lead the development and construction of the overall wind farm. Equinor will retain responsibility for operating the facility over an expected lifespan of about 35 years.
Dogger Bank Wind Farm project director, Steve Wilson, said: “We and our existing partner Equinor look forward to welcoming Eni into our strong partnership.
“With all tier one contracts finalised, and a record £5.5 billion project financing announced last week, everything is now in place to deliver on the first two phases of this world-leading project.
“The high level of interest we received from companies wanting to be part of the project demonstrates both the strength of the business case and the progress we’ve already made on the road to building the world’s largest offshore wind farm.
“We warmly welcome Eni to the Dogger Bank team and look forward to working with them on our ground-breaking venture.”
Claudio Descalzi, chief executive of Eni, added: “For Eni, entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies.”
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