SSE Renewables and joint venture partner Equinor have reached financial close on Dogger Bank C, the third phase of what will be the world’s largest offshore wind farm.
The two companies are already constructing the first two phases of Dogger Bank Wind Farm off the north east coast of England.
Total investment in Dogger Bank Wind Farm will be around £9 billion — with around £3 billion for phase C including offshore transmission.
“SSE’s share of investment forms part of its recent Net Zero Acceleration Plan, which included fully funded £12.5bn strategic capital investment plans to 2026 alongside ambitious 2031 targets, aligned with net zero and 1.5 degrees,” said Perth-based SSE.
“Large scale projects like Dogger Bank C are made possible by the financial strength and shape of the SSE group with its integrated net zero infrastructure strategy.
“Dogger Bank C has a capacity of 1,200MW and will generate around 6,000GWh a year.
“In total, Dogger Bank will produce enough clean, renewable electricity to supply 5% of the UK’s demand, equivalent to powering six million UK homes.
“SSE is leading on construction across all three phases and Equinor will operate the wind farm thereafter.
“On 2 November 2021 SSE and Equinor announced the sell down of a combined 20% share in Dogger Bank C to Eni (10% each) for a total consideration of £140m.
“Eni will enter the asset effective from financial close of project financing.
“The transaction is expected to complete in Q1 2022, subject to regulatory and lenders approvals and customary purchase price adjustments.
“Once the transaction is complete, the new overall shareholding in Dogger Bank C will be SSE Renewables (40%), Equinor (40%) and Eni (20%).”
SSE CEO Alistair Philips-Davies said: “It is a fantastic achievement to be reaching financial close on the third phase of the world’s largest offshore wind project, just weeks after COP26 concluded in Glasgow and today marks an important early milestone in the delivery of our own Net Zero Acceleration Programme.
“Our plans will enable delivery of over 25% of UK’s 2030 40GW offshore wind target, whilst also expanding overseas, delivering over 20% of upcoming UK electricity networks investment and deploying the critical flexibility technologies to provide security of supply.
“Construction is well underway on the first two phases of Dogger Bank with work on the third phase already progressing and we look forward to this ramping up in the New Year.
“As well as providing clean, green power, Dogger Bank is enabling the planned GE blade manufacturing plant in Teesside and a huge number of direct and indirect jobs.”