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.
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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.