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Eni joins Equinor and SSE on Dogger Bank C

By: Tom Russell 02/11/2021 Eni, Equinor and SSE

General Windfarms

Eni has entered into agreements with Equinor and SSE Renewables to acquire a 20% stake of the 1.2GW Dogger Bank C project. It the signing of agreements for 10% of Dogger Bank A and Dogger Bank B earlier this year.

Dogger Bank C is the third phase of the project which is currently under construction. The closing of the transaction is expected in 1Q 2022, subject to customary closing conditions.

Once the transaction is complete, the new shareholding structure will be comprised of SSE Renewables (40%), Equinor (40%) and Eni (20%) for all the three Dogger Bank project phases (A, B and C). The alignment in the participating interest across the three phases will facilitate the capture of material synergies during construction and operation.

Claudio Descalzi, Chief Executive Officer of Eni, commented: “Through this important transaction we continue to accelerate our growth strategy in renewable energy, as well as strengthening our presence in the offshore wind market in Northern Europe, one of the most promising and stable markets in the world. This is new capacity further enhances and expands Eni’s portfolio that integrates renewables and retail, a fundamental strategic lever for the decarbonisation of emissions related to the use of our products by our customers. It is therefore a new concrete step in our process of complete reduction of the net emissions of industrial processes and products.”

SSE Renewables will continue to lead on the development and construction of Dogger Bank Wind Farm, and Equinor will operate the asset on completion.

"SSE welcomes Eni as an industrial partner to the Dogger Bank C project. The sale of a stake in Dogger Bank C to Eni represents good value for shareholders and will enable us to continue to recycle capital into creating more low-carbon electricity assets. Together with our partners we are building the world’s largest offshore wind farm, creating value and tackling climate change. As the UK and Ireland’s clean energy champion we see significant opportunities to drive further growth in the transition to net zero and partnering in this way will help us to realise this potential. It is further testament to the ability of the SSE group to capitalise on the opportunities ahead," said Gregor Alexander, SSE's Finance Director.

“With this offshore wind transaction, we continue to demonstrate value creation from Equinor’s renewables business. As with Dogger Bank A and B, the divestment in the Dogger Bank C project is in line with our strategy of accessing selective markets early and at scale, leveraging our offshore capabilities to mature and de-risk projects,” said Pål Eitrheim, executive vice president in Renewables in Equinor.

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.

Each project is expected to generate around 6 TWh of electricity annually and combined they are expected to provide enough renewable electricity to supply 5% of the UK’s total demand, equivalent to powering six million UK homes.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.

For more information on offshore wind farms worldwide, click here.

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Eni joins Equinor and SSE on Dogger Bank C

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