Advertisement
Advertisement

SSE and Equinor to proceed with $4 billion Dogger Bank C offshore wind farm

By:
Reuters
Updated: Dec 2, 2021, 09:06 UTC

OSLO (Reuters) - British utility SSE and Norwegian energy company Equinor have secured financing to proceed with the construction of the 3 billion pound ($3.98 billion) Dogger Bank C offshore wind farm in Britain, the companies said on Thursday.

An SSE vehicle is parked outside the Pitlochry Dam hydro electric power station in Pitlochry

OSLO (Reuters) – British utility SSE and Norwegian energy company Equinor have secured financing to proceed with the construction of the 3 billion pound ($3.98 billion) Dogger Bank C offshore wind farm in Britain, the companies said on Thursday.

Dogger Bank C will have a capacity of 1,200 megawatts (MW) and generate about 6,000 gigawatt hours (GWh) of electricity a year when completed in 2026, the companies said.

It is the third phase of what the partners say will be the world’s largest offshore wind farm, with installed capacity of 3,600 MW. The companies said this is enough renewable energy to supply 5% of Britain’s demand, equivalent to six million homes.

The financing deal followed news last week that Dogger Bank C had secured long-term power deals with Danish energy trading company Danske Commodities, oil major Shell and utility Centrica.

The total senior debt facilities agreed are for 2.5 billion pounds, plus ancillary facilities of about 0.4 billion pounds, with a group of lenders comprising 28 banks and three export credit agencies, SSE and Equinor said.

“The significant appetite from lenders underpins the attractiveness of UK offshore wind assets,” said Paal Eitrheim, Equinor’s head of renewables.

The two companies have previously agreed to sell a 20% stake in the Dogger Bank C project to Italy’s Eni, which already owns an equal share in the first two phases of Dogger Bank.

Construction of the first two phases is under way after a financing deal in September 2020.

($1 = 0.7528 pounds)

(Reporting by Nora Buli; Editing by Terje Solsvik and David Goodman)

About the Author

Reuterscontributor

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:

Did you find this article useful?

Advertisement