Dogger Bank wind farm owners, Equinor and SSE, have announced financial close on the third phase of the world’s largest windfarm, Dogger Bank C offshore the east coast of the UK.
Dogger Bank wind farm owners, Equinor and SSE, have announced financial close on the third phase of the world’s largest windfarm, Dogger Bank C offshore the east coast of the UK.
The total senior debt facilities are £2.5 billion, plus ancillary facilities of around £0.4 billion. The final group of lenders, comprises 28 banks and three export credit agencies. The majority of lenders were the same as for Dogger Bank A and B.
Eni recently agreed to purchase a 20% interest in Dogger Bank. The farm down transaction is expected to close in Q1 2022. The overall shareholding in Dogger Bank C will be SSE Renewables (40%), Equinor (40%) and Eni (20%).
‘‘The significant appetite from lenders underpins the attractiveness of UK offshore wind assets. We have achieved a competitive project financing, contributing to a nominal equity return within the interval of 12-16%, including farm downs,’ said Eitrheim. said Pål Eitrheim, Equinor’s executive vice president of renewables.
The project is being built in three 1.2 GW phases, with Dogger Bank C being third in line. Dogger Bank C will require total capital expenditure of around £3 billion, including the capex for the offshore transmission station (OFTO).
