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SSE Renewables and Equinor achieve financial close for first two phases of Dogger Bank Wind Farm
StockMarketWire.com
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Power utility SSE has announced that SSE Renewables, with its 50:50 joint venture partner Equinor, has reached financial close on the first two phases of Dogger Bank Wind Farm.
The two companies are now proceeding with the first two phases of the project, located off the north east coast of England, which will be the world's biggest wind farm when all three phases are completed in March 2026.
SSE said that funding of the development of Dogger Bank A and B represents the largest ever offshore wind project financing anywhere in the world and that its expected equity investment forms part of its £7.5 billion investment programme to March 2025.
Total investment in the first two phases of the project will be around £6 billion.
Dogger Bank A and B, which are being constructed at the same time, will each require total capital expenditure of around £3bn, including offshore transmission capex of around £830 million per phase.
SSE said its equity investment to date of around £185 million has been repaid in full at financial close, with no equity contributions required until 2023-24.
Chief executive Alistair Philips-Davies said: 'Achieving financial close for the first two phases of the world's largest wind farm is a huge accomplishment and, alongside reaching Seagreen 1 financial close earlier this year, represents significant progress towards achieving our goal of trebling our renewable output by 2030.'
Dogger Bank C is aiming to reach financial close by the end of 2021.
Story provided by StockMarketWire.com
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