Eni to buy stake in 1.2-GW Dogger Bank C offshore wind project
The 13-MW Haliade-X wind turbine. Source: Equinor
Italian oil-and-gas major Eni SpA (BIT:ENI) has entered into agreements with Norway’s Equinor ASA (NYSE:EQNR) and UK’s SSE Renewables to acquire a 20% stake in the 1.2-GW Dogger Bank C offshore wind project in UK waters, the trio said in separate announcements on Tuesday.
Equinor and SSE Renewables are each set to sell a 10% interest in the project in exchange for an equity consideration of around GBP 70 million (USD 95.5m/EUR 82.3m) from Eni.
Once the transaction is finalised, Equinor and SSE Renewables will each hold a 40% stake, with Eni owning the remaining 20%, the companies said.
Dogger Bank C is part of the 3.6-GW Dogger Bank development which, with its three 1.2-GW sections, will become the world’s largest offshore wind farm. Earlier this year, Eni finalised the purchase of a 20% stake in the Dogger Bank A and Dogger Bank B phases from Equinor and SSE Renewables.
Eni will enter the Dogger Bank C asset as of the financial close, which is expected to take place before the end of 2021, Equinor said in its statement. Eni’s stake acquisition is seen to close in the first quarter of 2022, all three partners said.
Each Dogger Bank phase is supported by an offshore wind contract awarded in the UK government’s 2019 Contract for Difference (CfD) auctions. Financial close on the A and B phases was announced in late November 2020.
The whole Dogger Bank complex is expected to be completed by March 2026, SSE Renewables added.
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