Italian oil and gas company Eni has completed the acquisition of a 20% stake in total from SSE Renewables and Equinor in the 1.2 GW Dogger Bank C offshore wind farm, in the UK.
SSE Renewables said Thursday it had completed the sale of its 10% interest to Italy's Eni, and that Eni had also completed the agreement to purchase a 10% interest in Dogger Bank C from project partner Equinor on the same terms.
Eni entered the Dogger Bank C project with effect from project financial close which was reached on December 1, 2021.
SSE Renewables said Eni had paid it £68 million at closing (~$92,1million).
Dogger Bank C is the third phase of the giant 3.6GW Dogger Bank wind farm, which will be the world's largest, once fully operational, which is expected by March 2026. Eni previously bought into Phases A & B.
In total the offshore wind farm is expected to generate around 18 TWh annually, enough renewable electricity to supply 5% of the UK’s demand and equivalent to powering six million UK homes.
"A consistent combination of equity partners across all three phases of the project will enable further synergies across both the construction and operations phase of the Dogger Bank wind farm," SSE Renewables said.
SSE Renewables will continue to lead on the development and construction of Dogger Bank Wind Farm, and Equinor will operate the asset on completion.
"SSE intends to use the proceeds [from the sale ] to support the delivery of its Net Zero Acceleration Programme (NZAP) which was published on 17 November 2021. The Programme included fully funded £12.5bn strategic capital investment plans to 2026 alongside ambitious 2031 targets, aligned with 1.5-degree science based targets," SSE said.
SSE's plans for renewables include an increase of 4GW of renewables installed capacity (net) over the 5 years to 2026, doubling installed renewables capacity to 8GW (net).