Eni enters UK offshore wind market
Italian energy group Eni has entered the UK offshore wind market for electricity production through buying a 20 percent stake in the Dogger Bank (A and B) project from Norway's Equinor and utility group SSE, which will continue to hold a 40 per cent stake each.
The project involves the installation of 190 modern turbines approximately 80 miles from the British coast. Each one will have a capacity of 13MW for a total capacity of 2.4GW. At full capacity, Dogger Bank (3.6 GW) will be the world’s largest project of its kind, generating around 5 percent of UK demand for renewable electricity and supplying energy to approximately six million British families.
The construction of the Dogger Bank (A and B) is expected to cost a total of £6 billion and will take place in two stages, with the first to be completed by 2023, and the second by 2024.
Eni has been advised on this transaction by RBC Europe limited, acting as exclusive financial advisor, and Bracewell (UK) LLP as legal advisor. Reports cited the deal was worth £405 million.
Claudio Descalzi, CEO of Eni, said: “For Eni, entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies, and to make a substantial contribution to the 2025 target of 5GW of installed capacity from renewables, an intermediate step towards the more ambitious target of zero net direct and indirect greenhouse gas emissions in Europe by 2050."