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Member News03rd Dec 2021

Equinor, SSE close Dogger Bank C UK wind farm financing on favourable terms

Norwegian Equinor and UK utility SSE have finalised the financing for their £3bn, 1.2-GW Dogger Bank C project – and on very good terms, they said 2 December. Most of the lenders had already financed the first two phases which are still being built.

With the third phase operational, Dogger Bank will become the world’s largest offshore wind farm with 3.6 GW. Italy’s Eni has agreed to buy a 20% stake in Phase C, taking 10% from each of Equinor and SSE’s 50% stakes, That deal is due to close in Q1 2022.

“The significant appetite from lenders underpins the attractiveness of UK offshore wind assets and the confidence in SSE and Equinor as developers. The level of interest achieved reflects the quality of the project and combined with capturing significant value from divestments enables a strong return on equity. As the wind farm’s future operator, we will leverage our offshore capabilities and continue to deliver value for years to come,” said Equinor’s Pål Eitrheim (pictured below).

SSE Renewables is leading on the development and construction of Dogger Bank Wind Farm, and Equinor will operate the wind farm on completion and during its operational life of around 35 years. The total senior debt facilities are £2.5bn plus ancillary facilities of around £0.4bn.

For more details, please see here.

Pål Eitrheim, Equinor’s executive vice president of Renewables. (Photo: Ole Jørgen Bratland / Equinor ASA)