United Kingdom – Equinor has agreed to sell a 10% stake in the Dogger Bank Wind Farm C project in the United Kingdom to Eni.
Eni has also entered into an agreement to purchase a 10% interest in Dogger Bank C from project partner SSE Renewables on the same terms. Once the transaction is complete, the new overall shareholding in Dogger Bank C will be SSE Renewables (40%), Equinor (40%) and Eni (20%).
Eni will take ownership of the asset after the project’s financing closes, which is projected to occur by the end of 2021. If regulatory and lender clearances and normal purchase price modifications are received, the farm down deal should close in the first quarter of 2022.
In the 2019 UK Government Contract for Difference auctions, Equinor and SSE Renewables won 3.6 GW of offshore wind contracts for Dogger Bank from Equinor and SSE Renewables, respectively. This shows how competitive UK offshore wind assets are and how much confidence there is in the joint venture as demonstrated by Dogger Bank A and Dogger Bank B reaching financial close in 2020 at competitive terms.
This offshore wind farm will be the largest in the world when it is finished. Around 18 TWh of renewable electricity will be generated yearly as a result of this project, which is enough to power six million UK homes for a year.
The Dogger Bank wind farm’s extended partner alignment will allow for additional synergies throughout both construction and operation. SSE Renewables will continue to take the lead in the development and construction of the asset, which will be operated by Equinor once it is complete.
By 2030, Equinor expects to be a worldwide offshore wind powerhouse with a capacity of 12-16 GW deployed.
