Italian oil and gas company Eni has completed the acquisition of a 20% stake in total in the Dogger Bank A & B offshore wind projects in the UK, which are part of the world's largest offshore wind project in development.
As previously reported, Eni in December 2020 struck deals with Equinor and SSE to acquire from each a 10% percent stake in the 2.4 GW Dogger Bank A and B wind farms for GBP 405 million in total. Equinor and SSE held 50% each at the time.
Equinor said Friday the transaction had been completed, with the new overall shareholding in Dogger Bank A and Dogger Bank B being SSE Renewables (40%), Equinor (40%) and Eni (20%).
"Eni entered the Dogger Bank A and B assets effective from the financial close of project financing which was reached on November 25 2020. The total consideration received at closing is GBP 206.4 million," Equinor said Friday.
The A and B are the first and the second phases of the Dogger Bank Wind Farm project. The third phase of the wind farm, Dogger Bank C (1,200 MW), is being developed under a different timeline, and there is no change to the ownership of this phase, in which Equinor and SSE each have a 50% stake.
The Dogger Bank A and B projects involve the installation of 190 offshore wind turbines situated approximately 80 miles from the British coast. Each turbine, of GE Renewable Energy's giant Haliade-X type, will have a capacity of 13 MW for a total capacity of 2.4 GW.
SSE Renewables is leading the construction of the 3.6 GW project, and Equinor will lead on the wind farm’s operations.
The first phase, Dogger Bank A, is expected to be operational in 2023. The overall wind farm is expected to be completed in 2026.
At full capacity, with the third phase included, Dogger Bank (3.6 GW) will be the world’s largest project of its kind, generating around 5% of UK demand for renewable electricity and supplying energy to approximately 6 million British families.