November 30, 2020 Read More →

Financing complete for 3.6GW Dogger Bank offshore wind farm, world’s largest

CNBC:

A major offshore wind farm, set to be the largest on the planet, took another leap forward Thursday with SSE Renewables and Equinor announcing the completion of a deal to finance the project.

Once completed, the Dogger Bank Wind Farm in Britain — a 50:50 joint venture between the two firms — will have a total capacity of 3.6 gigawatts (GW). The first two phases, Dogger Bank A and Dogger Bank B, will be built simultaneously, with each having a capacity of 1.2 GW. The third phase of the project, Dogger Bank C, is being developed to a different schedule, with a financial close expected toward the end of 2021.

In a statement, SSE said funding for the first two phases of the project represented “the largest ever offshore wind project financing anywhere in the world.” Investment for Dogger Bank A and B will amount to approximately £6 billion (around $8 billion), it added.

According to the website of the Dogger Bank project, which will be located in waters off the northeast coast of England, the final group of lenders is made up of 29 banks and three export credit agencies. SSE Renewables is heading up construction of the facility, while its operations are to be led by Equinor.

The scale of the overall scheme, which is due to be finished in 2026, is considerable. Equinor and SSE have both described it as the “world’s biggest offshore wind farm.”

Phases A and B will use GE’s 13 megawatt Haliade-X turbine, while the wind farm as a whole will have the ability to power as many as 4.5 million homes in the U.K. annually. Onshore construction works for the project started earlier this year.

[Anmar Frangoul]

More: World’s largest offshore wind farm seals financing deal worth $8 billion

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