Wind farm deal
SSE closes financing on Dogger Bank C
Dogger Bank will power six million homes
SSE Renewables, together with its joint venture partner Equinor, has 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, a ground-breaking project off the north east coast of England which, once all three phases are complete in March 2026, will be the largest in the world.
Total investment in Dogger Bank Wind Farm will be around £9 billion (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.
It says 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%).