SSE and Equinor to invest £6bn in offshore wind project
Blue chip utility SSE and its Norwegian partner Equinor have agreed to spend £6bn constructing the first two phases of the giant Dogger Bank wind farm project.
Dogger Bank, which is situated off England's north east coast, will be the world’s biggest offshore wind farm once completed in 2026.
Perth-based SSE said the funding of the first two phases required a total capital expenditure of around £3bn each, representing the largest ever offshore wind project financing to date.
Chief executive Alistair Philips-Davies said: "Achieving financial close for the first two phases of the world’s largest wind farm is a huge accomplishment and…represents significant progress towards achieving our goal of trebling our renewable output by 2030."
Pal Eitrheim, executive vice president of new energy solutions at oil firm Equinor, said: "As the wind farm’s future operator, we are proud to take this big step forward, delivering what will be the backbone of a growing wind hub in the North Sea."
Dogger Bank A and B are being constructed at the same time to maximise synergies resulting from their geographical proximity and make use of common technology and contractors, SSE said.
Each phase has a capacity of 1,200 Mw and will generate around 6,000 GWh.
Dogger Bank A is scheduled for delivery in 2023/24, Dogger Bank B and C in 2024/25, and the entire project completed the following year.
The Crown Estate granted exclusive development rights to the Dogger Bank Wind Farm in 2010. The project is a 50:50 joint venture between SSE Renewables and Equinor, and is being financed by a group of 29 banks and three credit export agencies.