Dogger Bank close biggest offshore wind project financing: The owners of Dogger Bank Wind Farm A & B have closed what is believed to be the world’s most considerable offshore wind project financing up until now.
SSE Renewables and Equinor reported the historic £5.5 billion financial deal for the offshore wind farm in the UK, issued by lenders encompassing 29 banks and three export credit agencies.
The project is being built in three 1.2GW phases, with the first two phases being constructed at the same time to maximise the teamwork because of their geographical proximity and make use of shared technology & contractors.
Dogger Bank C, which is third phase, is being built on a different timescale with financial close to take place at a later stage.
The offshore wind farm is likely to have a full capacity of 3.6GW & will become the world’s largest project of its kind when up and running..
Investment in the 2 two phases of the project has previously supported the development of 320 new skilled jobs for the North East of England.
The wind farm obtained 15-year contracts, in September 2019, by way of the UK Government’s Contract for Difference (CfD).
Alistair Phillips-Davies, SSE Chief Executive announced: “We are proud to be leading on the construction and development of Dogger Bank Wind Farm, which has been 10 years in the making. We are putting our money where our mouth is on delivering net zero and reinforcing the UK’s position as a world leader. This investment will help drive a green recovery from coronavirus through the project’s construction over the next five years, creating jobs and boosting the local economy.
“Achieving financial close for the first two phases of the world’s largest wind farm is a huge accomplishment and alongside reaching Seagreen 1 financial close earlier this year, represents significant progress towards achieving our goal of trebling our renewable output by 2030.”
Dogger Bank close biggest offshore wind project financing