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World’s Largest Offshore Wind Farm Signs $ 8 Billion Financing Agreement

The office of Norwegian energy giant Equinor, photographed in February 2019. Equinor, along with SSE, is part of a 50:50 joint venture to develop the Dogger Bank wind farm.

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The largest offshore wind farm on the planet will take a leap forward on Thursday, with SSER renewables and Equinor announcing the completion of the project’s funding agreement.

When completed, the Dogger Bank wind farm in the United Kingdom (a 50:50 joint venture between the two companies) will have a total capacity of 3.6 gigawatts (GW).

The first two phases, Dogger Bank A and Dogger Bank B, are built at the same time, each with a capacity of 1.2GW.

The third phase of the project, Dogger Bank C, is being developed on a different schedule and is expected to close by the end of 2021.

The SSE said in a statement that funding the first two phases of the project would be “funding the largest offshore wind project ever in the world.” He added that the investment in Dogger Banks A and B would be around £ 6 billion (about $ 8 billion).

According to the Dogger Bank Project website, located off the northeast coast of the United Kingdom, the final group of lenders consists of 29 banks and three export credit agencies. SSE Renewables is leading the construction of the facility, which will be led by Equinor.

The scale of the overall plan to be completed in 2026 is considerable. Both Equinor and SSE describe it as “the world’s largest offshore wind farm.”

Phases A and B will use GE’s 13-megawatt Haliade-X turbine, but the entire wind farm will be able to power 4.5 million households annually in the UK. Land construction of the project began earlier this year.

Pål Eitrheim, Executive Vice President of New Energy Solutions at Equinor, described achieving financial results in the first two phases as a “major milestone.”

Alistair Philips-Davies, CEO of SSE, said the investment “will help drive green recovery from the coronavirus, create jobs and boost the local economy through the construction of projects over the next five years.” Stated.

Last month, British Prime Minister Boris Johnson said he wanted to make the country a “world leader in low-cost clean power generation.”

At a de facto Conservative annual meeting, Johnson emphasized the importance of renewable energy sources, especially offshore wind.

“In 10 years, we believe that offshore wind power will power every household in the country and the target will rise from 30 gigawatts to 40 gigawatts,” he said.

“You heard me right: your kettle, your washing machine, your rice cooker, your heating, your plug-in electric vehicle, all of them guilty from the breeze blowing around these islands. You’ll get the juice clean without it. “He added.

The pledge to increase offshore wind capacity was included in the Conservative manifesto of the 2019 general election.

World’s Largest Offshore Wind Farm Signs $ 8 Billion Financing Agreement

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