Eni goes North with stake in Dogger Bank

Eni is to take 20 per cent stake in first two phases of world’s largest offshore wind farm, owners SSE Renewables and Equinor have confirmed, with the Italian multinational joining as a partner in the first two phases.

Located over 130km off the north east coast of England, Dogger Bank Wind Farm is being built in three 1.2GW phases and will be the largest offshore wind farm in the world when operational, with an overall capacity of 3.6GW.

Subject to regulatory and lender approvals Eni will enter the joint venture with a 20 per cent stake in Dogger Bank A and B, equivalent to 480MW across these two phases when the transaction is complete in early 2021. The combined value of the equity consideration is £405m, subject to adjustments for interest on closing, or £202.5m to both SSE Renewables and Equinor for each 10 per cent stake.

There is no change to the ownership of the third phase, Dogger Bank C, in which SSE Renewables and Equinor each have a 50 per cent stake.

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.”

Onshore construction is currently underway for Dogger Bank A and Dogger Bank B, with offshore construction for Dogger Bank A due to begin in Q2 2022. For both phases, onshore and offshore cable and all turbine foundations will be installed by 2023. First power is expected in Summer 2023 and Summer 2024 for Dogger Bank A and B, respectively, with commercial operations to begin the following year.

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