STAVANGER, Norway – Equinor and SSE have achieved financial closure on the third phase of the Dogger Bank wind farm project in the UK North Sea.
Total senior debt facilities for Dogger Bank C are £2.5 billion ($3.33 billion), plus ancillary facilities of around £400 million ($533 million).
The final group of lenders comprised 28 banks and three export credit agencies, mostly the same group supporting Dogger Bank A and B.
Earlier this month Eni agreed to acquire a 20% interest from the partners in Dogger Bank C, joining the project following regulatory and other approvals (expected in 1Q 2022).
SSE Renewables and Equinor will each have a 40% share and Eni 20%.
The project is being constructed in three 1.2-GW phases 130 km (81 mi) offshore northeast England, with capex for Dogger Bank estimated at around £3 billion ($4 billion), including the offshore transmission station.
All three phases combined should generate around 6 TWh of electricity annually, accounting for roughly 5% of the UK’s electricity generation.
Onshore cable installation civils works for Dogger Bank C will start in 1Q 2022, followed by construction of the onshore convertor station in 2Q.
Offshore export cable installation should begin in 1Q 2024, with offshore platform installation starting in spring 2024, followed by foundation installation that in summer, and turbine installation in spring 2025.
Equinor anticipates first power in 3Q 2025 and full power in 1Q 2026.
Dogger Bank C will connect to the grid at Lackenby.
Offshore construction on Dogger Bank A is due to start next spring, with first power expected in summer 2023 and from Dogger Bank B in 2024.