As part of this transaction Eni has also completed the agreement to purchase a 10% interest in Dogger Bank C from project partner Equinor on the same terms.
Eni entered the Dogger Bank C project with effect from project financial close which was reached on 1 December 2021. The total consideration received at closing was GBP £68m.
A consistent combination of equity partners across all three phases of the project will enable further synergies across both the construction and operations phase of the Dogger Bank wind farm.
SSE Renewables will continue to lead on the development and construction of Dogger Bank Wind Farm, and Equinor will operate the asset on completion. SSE intends to use the proceeds to support the delivery of its Net Zero Acceleration Programme (NZAP) which was published on 17 November 2021. The Programme included fully funded £12.5bn strategic capital investment plans to 2026 alongside ambitious 2031 targets, aligned with 1.5 degree science based targets. The plans for renewables include an increase of 4GW of renewables installed capacity (net) over the 5 years to 2026, doubling installed renewables capacity to 8GW (net).
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Dogger Bank Wind Farm is the largest of SSE Renewables' projects currently in construction. SSE Renewables is currently also leading the construction of the Seagreen offshore wind farm (1,075MW, SSE share 49%), which will be Scotland's largest on completion, and the wholly-owned Viking wind farm (443MW), which will be the UK's most productive onshore wind farm on completion.
In addition, the NZAP details ambitious new 2031 targets including a fivefold increase in renewables output to 50TWh, maintaining a sustained renewables pipeline in excess of 15GW, and a trebling of SSE's owned renewables capacity to over 13GW (net) from c.4GW today.
Once the three phases are complete, which is expected by March 2026, Dogger Bank will be the largest offshore wind farm in the world. In total it is expected to generate around 18 TWh annually, enough renewable electricity to supply 5% of the UK's demand and equivalent to powering six million UK homes.
