SSE and Equinor joint venture nears financial closure
The Dogger Bank C Wind Farm is the result of a joint venture between SSE Renewables and Equinor, the international energy organisation, which is expected to produce a significant energy capacity off the northeast coast of England. The project planning was accepted in 2015 and, in 2019, 15 contractual agreements were put in place, facilitated by the Low Carbon Contracts Company (LCCC).
The partners have set the project completion date for March 2026 with three stages of development to take place, of which two are underway, and the finished wind farm will also be one of the largest in the world.
As can be expected, the project has taken a large investment to develop it to its current state and the overall spend for the wind farm is forecasted at around £9bn, with £3bn allocated to the offshore transmission in phase C.
Dogger Bank contributes to SSE’s net-zero plan
SSE takes great pride in enabling projects of this scale, by leveraging its financial position. Projects like these contribute massively to the overall development of net-zero infrastructure to allow the country to meet sustainability targets.
Dogger Bank C will provide a capacity of 1,200MW while generating 6,000GWh of clean energy per year, satisfying 5% of the UK’s renewable electricity demand. The Chief Executive Officer of SSE, Alistair Philips-Davies has said that ‘it is a fantastic achievement to be reaching financial close on the third phase of the world’s largest offshore wind project, just weeks after COP26 concluded in Glasgow and today marks an important early milestone in the delivery of our own Net Zero Acceleration Programme’.
He also said the ‘plans will enable [the] delivery of over 25% of UK’s 2030 40GW offshore wind target, [while] also expanding overseas, delivering over 20% of upcoming UK electricity networks investment and deploying the critical flexibility technologies to provide security of supply’.
SSE and Equinor have included a further energy company in the project as it finalises the sales of a combined 20% share to Eni, an energy firm based in Rome, to raise expected capital of £140mn.
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