$8M Financing Deal Greenlights World’s Largest Offshore Wind Farm
(Image credits: David Will and enriquelopezgarre – both from Pixabay. Photo montage edit by Andrea Steffen)
Sustainability

$8M Financing Deal Greenlights World’s Largest Offshore Wind Farm

The Dogger Bank Wind Farm in Britain, a soon-to-be world’s largest offshore wind farm, is advancing. The project is a 50/50 joint venture between SSE Renewables and Norwegian energy major Equinor, who recently announced the sealing of a deal to finance the farm. It will be located off the coast of northeast England and have a total capacity of 3.6 gigawatts (GW) – enough to power 4.5 million households in the UK annually.

Alistair Philips-Davies, SSE’s Chief Executive, said:

The 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.

The facility will be built in three phases, with the overall project expected to be finished in 2026. The plan is to make Dogger Bank A and Dogger Bank B (the first two phases) simultaneously. Each will have a capacity of 1.2 GW. They are using GE’s 13-megawatt Haliade-X turbines. Construction already started earlier this year.

Dogger Bank C will be developed later as they haven’t completed financing for it yet. By the end of 2021, the third phase should reach a financial close, and construction plans can begin. SSE Renewables will lead construction efforts, and Equinor will manage the facility once operational.

SSE said in a statement:

The funding for the first two phases of the project represents the largest ever offshore wind project financing anywhere in the world. Investment for Dogger Bank A and B will amount to approximately £6 billion (around $8 billion).

Equinor offices
Equinor offices. (Credit: Bloomberg / Getty Images)

While speaking at the virtual Conservative Party annual conference in October, UK Prime Minister Boris Johnson said he wants the UK to become the global leader in low-cost clean power generation. He said renewable energy sources, mostly offshore wind, would be vital.

The Prime Minister said:

We believe that in 10 years, offshore wind will be powering every home in the country, with our target rising from 30 GW to 40 GW. You heard me right: your kettle, your washing machine, your cooker, your heating, your plug-in electric vehicle, the whole lot of them, will get their juice cleanly and without guilt from the breezes that blow around these islands.

He promised to increase offshore wind capacity during elections. Which he partly did by raising the target to 40 GW. He then promised again (once elected) that renewables would provide electricity to every home in England, Northern Ireland, Scotland, and Wales by 2030. The Dogger Bank Wind Farm is a big step in the right direction to reach the target.

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