A major partner has been revealed by the Scottish energy giant behind the world’s biggest offshore wind farm.
The owners of Dogger Bank Wind Farm, Perth-based SSE Renewables, and Equinor have announced that Eni will join the giant North Sea project in the first two phases as a partner.
The Italian energy company Eni will join the joint venture with a 20 percent stake in Dogger Bank A and B, subject to regulatory approvals and lender agreement, representing 480 MW of power in these two phases when the deal is completed in early 2021.
The gross equity value is £ 405 million for each 10 percent share, subject to changes for interest at closing, or £ 202.5 million for both SSE Renewables and Norway’s Equinor.
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The ownership of the third step, Dogger Bank C, in which the Scottish hydro owners SSE and Equinor each have a 50 percent interest, has not been altered.
In Dogger Bank A and B, both SSE Renewables and Equinor will each maintain 40 percent, with SSE Renewables continuing to oversee the production and construction of the entire wind farm and Equinor maintaining responsibility for operations for approximately 35 years throughout the life of the wind farm.
With all tier one contracts in place and a record £ 5.5 billion funding announced last week, everything is now in place to implement the first two phases of this world-leading project,” said Steve Wilson, project manager for the Dogger Bank wind farm. “The strong interest of businesses looking to invest in the project shows both the quality of the business case and the progress we have made.
Claudio Descalzi, CEO of Eni, said that it was “a great opportunity to gain further expertise in the sector thanks to the collaboration with two of the leading companies in the industry.”
Simultaneously, the first two phases would be installed, while the third phase is different.