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K2 Management scores construction monitoring role for Dogger Bank C

By: Tom Russell 24/01/2022 K2 Management

General Windfarms

K2 Management (K2M) has announced that it has completed its pre-financial close due diligence work as lender’s technical advisor (LTA) for the third phase of the Dogger Bank Wind Farm – and been appointed to a four-year construction monitoring role.

K2M is already one year into a four-year construction monitoring scope on Dogger Bank A and B, ensuring that permitting, design, manufacturing, and construction expenditure progresses in line with project lenders’ assumptions. It has now been chosen to carry out this work for Dogger Bank C, through until 2026.

Dogger Bank Wind Farm Financial Director, Oliver Cass, said: “The Dogger Bank Wind Farm project demonstrates the real potential of offshore wind power to affect significant change in decarbonising the UK’s electricity supplies. K2 Management’s expertise in due diligence, understanding of banks’ lending requirements, and extensive track record in global offshore wind projects has been vital in ensuring that this potential is being realised.

“It has been invaluable in helping to successfully take Dogger Bank C through to financial close – just as it was through the project’s first two phases.”

Steve Hall, Principal Consultant and project manager of the Dogger Bank assignment at K2M, said: “We are incredibly proud to have now worked with the project team on all three phases of Dogger Bank. Projects on this scale and size bring about unique challenges, but I’m pleased that we have been able, as strategic partners, to bring our mix of best-in-class communication, real world experience, market insight, and commercial and technical perspective. It has been a privilege to support project stakeholders through the financing process and aid lenders in making their analyses on the final stage of this hugely exciting project.”

Dogger Bank Wind Farm is located more than 130 km off the north-east coast of England and is being built in three consecutive 1.2GW phases; Dogger Bank A, Dogger Bank B and Dogger Bank C. Dogger Bank A and B are a joint venture between Equinor (40%), SSE Renewables (40%), and Eni (20%). In November 2021 Equinor and SSE Renewables, 50:50 joint venture partners in Dogger Bank C, announced Eni will take a 20% stake in the final phase, with SSE Renewables and Equinor maintaining 40% stakes each. The deal is expected to complete in Q1 2022 subject to Dogger Bank C Financial Close and regulatory approvals. SSE Renewables is leading on construction and delivery while Equinor will operate the wind farm on completion.

Onshore construction is currently underway for Dogger Bank A and Dogger Bank B, with offshore construction on Dogger Bank A due to begin in Q2 2022. The projects are due to be commissioned in 2024, 2025, and 2026.
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K2 Management scores construction monitoring role for Dogger Bank C

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