£70m deal

SSE sells stake in Dogger Bank wind farm

The company typically reduces its stake in projects

Renewable energy firm SSE is selling a 10% stake in the giant Dogger Bank wind farm to Eni for £70m.

Equinor, which will operate the farm, has also sold a 10% stake to Eni as part of the transaction, leaving overall shareholding in the Dogger Bank C phase as: SSE (40%), Equinor (40%) and Eni (20%).

The transaction is expected to complete by Q1 2022 subject to regulatory approvals and customary purchase price adjustments.

Dogger Bank will be the world’s largest offshore wind farm when completed and remains on track, including reaching financial close by the end of this year for the 1.2GW Dogger Bank C phase.

SSE intends to use the proceeds to support the delivery of its net zero-orientated strategy and will set out further details on its capital expenditure plans at its half-year results update on 17 November.

The company typically sells down stakes to retain 30-40% equity in an offshore wind project.

Gregor Alexander, SSE’s finance director, said: “SSE welcomes Eni as an industrial partner to the Dogger Bank C project. The sale of a stake in Dogger Bank C to Eni represents good value for shareholders and will enable us to continue to recycle capital into creating more low-carbon electricity assets.

“Together with our partners we are building the world’s largest offshore wind farm, creating value and tackling climate change.

“We see significant opportunities to drive further growth in the transition to net zero and partnering in this way will help us to realise this potential. It is further testament to the ability of the SSE group to capitalise on the opportunities ahead.”

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