2nd Nov 2021 10:33
(Alliance News) - Scottish energy company SSE PLC on Tuesday said it has agreed to sell a 10% stake in Dogger Bank C to Italian oil & gas firm Eni SpA for an equity consideration of GBP70 million.
Dogger Bank will be an offshore wind farm when completed and remains on track for financial close by the end of 2021. It is currently jointly owned 50/50 by SSE and Norwegian energy firm Equinor ASA.
SSE noted that Equinor has also sold a 10% stake to Eni as part of this transaction, so once complete, the new overall shareholding in Dogger Bank C will be - SSE and Equinor each holding 40% and Eni holding 20%. The transaction is expected to complete by the first quarter of 2022.
SSE said its Renewables unit will continue to lead on the development and construction of Dogger Bank wind farm, and Equinor will operate the asset on completion.
"The sale of a stake in Dogger Bank C to Eni represents good value for shareholders and will enable us to continue to recycle capital into creating more low-carbon electricity assets," said SSE's Finance Director Gregor Alexander.
SSE shares were trading 0.6% lower in London on Tuesday at 1,664.50 pence each, while Eni stock was down 0.9% in Milan at EUR12.64 a share.
By Evelina Grecenko; [email protected]
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