Italian oil-and-gas major Eni has entered into agreements with Norway’s Equinor and UK’s SSE Renewables to acquire a 20% stake in the 1.2-GW Dogger Bank C offshore wind project off the coast of the UK
A view of the offshore windfarm under construction. Credit: Jan de Nul for Dogger Bank windfarm website
Italian oil-and-gas major Eni has entered into agreements with Norway’s Equinor and UK’s SSE Renewables to acquire a 20% stake in the 1.2-GW Dogger Bank C offshore wind project off the coast of the UK.
Equinor and SSE Renewables are each set to sell a 10% interest in the project in exchange for an equity consideration of around €82.3 million from Eni. The companies announced that once the transaction is finalised, Equinor and SSE Renewables will each hold a 40% stake, with Eni owning the remaining 20%.
The Dogger Bank C is part of the 3.6GW bank’s development project. With its three 1.2GW sections it will become the world’s largest offshore wind farm. Earlier this year, Eni finalised the purchase of a 20% stake in the Bank A and Bank B phases from Equinor and SSE Renewables.
Eni will enter the Dogger Bank C asset as its financials close, which is expected to take place before the end of 2021. Equinor said in a statement that Eni’s stake acquisition is seen to close in the first quarter of 2022.
Each 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 complex is expected to be completed by March 2026, SSE Renewables added.
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