SSE Renewables has signed an agreement to sell a 10% stake in the Dogger Bank (A and B) 2.4GW project. Italian energy giant Eni purchased the stake for $271m (£202.5m).
Additionally, Eni agreed to purchase a 10% stake in Dogger Bank (A and B) from project partner Equinor. After completion of these transactions, SSE Renewables and Equinor will each hold 40%, with Eni owning 20%.
SSE Renewables plans to use the sale proceeds to enable delivery of its low carbon growth plans.
Located off the north-east coast of England, the first two phases of Dogger Bank Wind Farm will each produce 1.2GW. SSE Renewables and Equinor each own a 50% stake in the third phase, Dogger Bank C. This also has a capacity of 1.2GW.
After completion of all three phases in March 2026, the offshore wind farm will become the largest installation in the world. The project will use 190 turbines, with a capacity of 13MW.
When operating at its full capacity of approximately 18TWh, Dogger Bank will generate around 5% of UK electricity demand.
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A total of $8bn (£6bn) has been invested in the construction of the Dogger Bank (A and B) project.
The development and construction of Dogger Bank Wind Farm will continue to be led by SSE Renewables. Equinor will operate the asset after its completion.
SSE Renewables finance director Gregor Alexander said: “This transaction will enable us to fund further low carbon growth opportunities, helping to deliver governments’ net zero ambitions and our own target to treble our renewable output by 2030.”
Following the stake acquisition, Eni will enter the Northern Europe offshore wind market. This will add the equivalent of 480MW of renewable energy to its 2025 target of 5GW of installed capacity from renewable sources.
The transaction is subject to regulatory and lender approvals, and is slated for completion early next year.
Last month, SSE Renewables and Equinor reached the financial close on the first two phases of the Dogger Bank Wind Farm project.