SSE Renewables and Equinor have announced the completion of a finance deal which will see the two parties invest $8 billion in the construction of the first two phases of the Dogger Bank offshore wind. Each phase will have a capacity of 1.2 GW each and will be constructed off the northeast coast of England. The project will use GE’s 13 MW Haliade-X turbine and is expected to power up to 4.6 million homes in the United Kingdom. The final group of lenders includes 29 banks and three export credit agencies. SSE renewables and Equinor will lead the construction and operations respectively.
The project once completed will have a total capacity of 3.6 GW and will be a 50-50 joint venture between SSE Renewables and Equinor. The first two phases of the project will be constructed simultaneously. The first phase is expected to begin operations in 2023 while the second phase will be commissioned by 2024. Each phase is projected to generate about 6 TWh of electricity annually. The third phase is expected to achieve financial closure by 2021 and become operational by 2026.
The Dogger Bank project is expected to be the largest offshore wind farm in the world. The British Government aims to expand its offshore wind capacity to 40 GW by 2030. The construction of the project aims to catalyse a green recovery following the COVID-19 pandemic by providing jobs and boosting the local economy.