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Statoil, Innogy and SSE play swapsies with Dogger Bank

By: Tom Russell 10/08/2017 Statoil

General Turbines Windfarms

Statoil has signed a swap agreement with Innogy and SSE for equity interests in the Dogger Bank offshore wind development project.

The Dogger Bank zone consists four offshore wind farm projects, Creyke Beck A, Creyke Beck B, Teesside A and Teesside B. The companies previously established the Forewind consortium to develop the projects in unison.

Following the transaction, Statoil and SSE will own 50% each in Creyke Beck A and B as well as Teesside A, while Innogy will own 100% of Teesside B.

The new ownership agreements mean the projects will now progress towards Financial Investment Decisions by their respective owners and the Forewind consortium will no longer be involved with the projects however it will oversee the decommissioning of the two met masts and removal of the suction-installed mono bucket foundations later in 2017.

innogy SE Director of Offshore Wind, Paul Cowling, said: “The Forewind consortium has completed its job of achieving planning permission, and this is great news for innogy. We will now develop the Dogger Bank Teesside B offshore wind project in line with our current pipeline, as we seek to deliver on our renewable energy growth ambitions, actively shaping the energy world of the future.”

Dogger Bank achieved consent for an agreed target installed capacity of 4.8 GW, with 1.2 GW consented for each of the four projects. In total, the Dogger Bank projects have the potential to provide renewable energy for up to 5 million UK homes.

"Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource and the asset constitutes a very important element in Statoil’s strategy to gradually complement our oil and gas portfolio with profitable renewable energy solutions," said Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions.

The three Dogger Bank projects that Statoil and SSE will own, are located between 125 and 195 km off the east coast of Yorkshire. Each of them extend between 500 and 600km².

SSE Director of Development, Mike Seaton said: “Offshore wind is a major part of SSE’s transition towards a low carbon portfolio and has the potential to deliver significant industrial benefits for the UK economy. As a leading UK developer of offshore wind SSE is looking forward to taking the next steps to progress the Dogger Bank projects."

For more information, please follow the links provided or see our interactive map.

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Statoil, Innogy and SSE play swapsies with Dogger Bank

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