EQUINOR AND SSE TO DEVELOP THREE LARGE WIND FARM IN THE DOGGER BANK
UK authorities announced that Equinor and its partner SSE were awarded contracts to develop three large scale offshore wind projects in the Dogger Bank region of the North Sea. This will be the world’s biggest offshore wind farm development with a total installed capacity of 3.6 GW. The projects are expected to produce enough energy to power the equivalent of 4.5 million UK homes.
The Dogger Bank wind farm will consist of three projects, Creyke Beck A, Creyke Beck B and Teesside A.
The clearing prices for the projects are GBP 39.650 per MWh for Creyke Beck A and GBP 41.611 per MWh for the Creyke Beck B and the Teesside A projects (all in 2012 real prices).
The auction results reflect the continued cost reductions and technological developments and the increasing competitiveness of bottom-fixed offshore wind. The contracts offer a fixed price for the first 15 years of operation, providing the projects with a long-term predictable revenue stream.
“The successful bids for the world’s largest offshore wind development represent a game-changer for our offshore wind business and support the development of Equinor as a broad energy company. A full-scale development of Dogger Bank will constitute an industrial wind hub in the heart of the North Sea, playing a major role in the UK’s ambitions for offshore wind hub in the heart of the North Sea, playing a major role in the UK’s ambitions for offshore wind and supporting the net zero ambition. Excellent wind speeds, shallow waters and scale make Dogger Bank well positioned to deliver low cost renewable electricity to UK homes and businesses,” says Eldar Sætre, CEO of Equinor.
The Dogger Bank projects are estimated to trigger a total capital investment of approximately GBP 9 billion between 2020 and 2026.
The joint venture will be seeking non-recourse project financing to fund the Dogger Bank development. A preliminary market sounding of potential lenders has demonstrated very strong interest for UK offshore wind assets.
The partners are planning for final investment decision for the first project during 2020 and first power generation is planned for 2023. Further phases of the Dogger Bank project will be developed thereafter.
The joint venture has selected SSE as the lead operator during the project construction phase and Equinor the lead operator for operations. Both companies will second personnel into the execution and operations teams.
SSE is part of the SSE Group, one of the UK’s largest and fastest growing energy companies. We’re a FTSE 100 company and we manage the largest energy distribution network in the UK.
(Source and image: Equinor)
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