UK - World’s Largest Offshore Wind Farm Secures $8bn Investment
Dogger Bank, which will eventually become the world’s largest offshore wind farm, is getting an $8 billion investment from Norwegian oil giant Equinor and British energy company SSE.
The money will be used to construct the first two phases of the project.
SSE Renewables is leading the construction of the 3.6 GW project, and Equinor will lead on the wind farm’s operations.
With the strong interest from lenders, Dogger Bank A and B were able to secure competitive terms, despite unprecedented economic circumstances arising from the global coronavirus pandemic. The final group of lenders, comprising 29 banks and three export credit agencies, includes experienced lenders in the sector along with relationship lenders of both SSE and Equinor.
The three-phase project will include construction of a total of 3.6 gigawatts of capacity in the British North Sea, (1.2 GW per phase) and will power 6 million UK homes when it is fully operational, or 5% of UK power demand.