26th Nov 2020 08:58
(Alliance News) - SSE PLC on Thursday said it has reached financial close with 50/50 joint venture partner Equinor ASA on the first two phases of Dogger Bank wind farm, 60 miles off the North East coast of England.
Equinor is a Norwegian state-owned energy company headquartered in Stavanger.
The FTSE 100-listed utility based in Perth said its expected equity investment forms part of the project's GBP7.5 billion investment programme to March 2025.
"Achieving financial close for the first two phases of the world’s largest wind farm is a huge accomplishment," SSE Chief Executive Alistair Philips-Davies said.
The two companies are proceeding with the first two phases of the wind farm, scheduled for completion in March, 2026.
SSE said that each phase has a capacity of 1,200 megawatts and will generate around 6,000 gigawatt hours. The company did not give dates for the completion of the separate phases.
In total, Dogger Bank is expected to produce enough clean electricity to supply 5% of the UK's demand, equivalent to powering six million UK homes, and will double SSE's renewables output by 2025, the company said.
Philips-Davies added: "We are proud to be leading on the construction and development of Dogger Bank Wind Farm, which has been 10 years in the making. We are putting our money where our mouth is on delivering net zero and reinforcing the UK’s position as a world leader. This investment will help drive a green recovery from coronavirus through the project’s construction over the next five years, creating jobs and boosting the local economy."
SSE shares were down 0.3% at 1,382.00 pence each on Thursday morning in London.
By Greg Roxburgh; [email protected]
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