Eni completes acquisitions of Dogger Bank A&B interest

In: Windfarms
26/02/2021

Equinor and SSE Renewables have closed the agreements to sell a 10% interest in
Dogger Bank A and Dogger Bank B assets to Eni. Eni entered the wind farm assets effective from financial close of project financing which was reached on 25 November 2020. The total consideration received at closing is GBP 206.4 million.

Following this transaction, the new overall shareholding in Dogger Bank A and Dogger Bank B is SSE Renewables (40%), Equinor (40%) and Eni (20%).


The farm down to Eni is Equinor’s third offshore wind transaction in less than two years. The three transactions combined (divestments of non-operated interests in Arkona, Empire Wind/Beacon Wind and the Dogger Bank A and B projects) generated an accounting gain of approximately USD 1.5 billion.


Equinor divested around 2.5 GW capacity in the different project’s stages for the cash consideration just under USD 2 billion. This demonstrates the company’s track record in consistently capturing value from world class assets.


The A and B phases of the Dogger Bank Wind Farm reached financial close at competitive terms underlining the attractiveness of the UK offshore wind assets and the confidence in the joint venture.


The Dogger Bank wind farms are located more than 130 km from the Yorkshire coast. SSE Renewables is leading the construction of the wind farm, and Equinor will operate the project during its lifetime of at least 25 years. Due to its size and scale, the overall wind farm is being built in three consecutive 1.2 GW phases. Further to
Dogger Bank A and Dogger Bank B, the two companies are also developing the Dogger Bank C project for which it is expected that a financial decision will come in late 2021. The projects will be capable of powering up to 4.5 UK million homes each year when complete in 2026.

Dogger Bank C is being developed under a different timeline. There is no change to the ownership of this phase, in which Equinor and SSE each have a 50% stake.

Each project is expected to generate around 6 TWh of electricity annually. The Dogger Bank Wind Farm secured 3.6 GW of offshore wind contracts in the UK government’s 2019 Contract for Difference (CfD) auctions. The CfDs provide overall price certainty to each phase of the Dogger Bank project for a period of 15 years.


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