Post by account_disabled on Mar 5, 2024 7:53:46 GMT
The two-phase financial close of the world's largest offshore wind farm, Dogger Bank, has been confirmed with a capital investment of around £6 billion, which is the largest offshore wind project financing in the world.
When fully operational, the wind farm will provide enough clean electricity to power more than 4.5 million homes in the UK and is expected to trigger capital investments of around £9 billion in total.
According to edie , SSE Renewables and Equinor, the two companies behind the Dogger Bank wind farm, confirmed that the first two phases of the project will each require a total capital expenditure of around £3bn, including a spending around £800m per phase for offshore transmission.
With a capacity of 3.6 GW, Dogger Bank will be the Chile Mobile Number List world's largest offshore wind farm when operational off the northeast coast of England. It consists of three phases of 1.2GW and construction of the Dogger Bank Wind Farm began in January this year.
When fully operational, the wind farm will provide enough clean electricity to power more than 4.5 million UK homes and is expected to trigger capital investments of around £9 billion in total.
Construction and development of the Dogger Bank Wind Farm
Despite the current economic difficulties caused by the COVID-19 pandemic, the project was still able to secure a final group of lenders, consisting of 29 banks and three credit agencies. Total senior debt facilities in the first two phases of the project have reached £4.8 billion.
Meanwhile, SSE chief executive Alistair Phillips-Davies said:
We are proud to be leading the construction and development of the Dogger Bank Wind Farm, which has been underway for 10 years. We are putting our money where our mouth is in delivering net-zero and strengthening the UK's position as a global leader. This investment will help drive a green recovery from COVID-19 through construction of the project over the next five years, creating jobs and boosting the local economy.
Achieving financial close on the first two phases of the world's largest wind farm is a huge achievement and, in addition to reaching financial close on Seagreen 1 earlier this year, represents significant progress towards achieving our goal of tripling our production. of renewable energy by 2030.
Alistair Phillips-Davies, chief executive of the SSE.
The third phase, Dogger Bank C, is being developed on a different time scale, with a financial close to follow at a later stage.
Dogger Bank has secured 15-year contracts with the Low Carbon Contracts Company (LCCC) through the UK Government's Contracts for Difference (CfD) auction. This was achieved in September 2019, when the auction delivered record low emission prices. As such, Dogger Bank A has a strike price of £39.65/MWh, while phases B and C have locked in a strike rate of £41.61/MWh.
The government aims to double the amount of renewable energy procured through its CfD scheme, targeting 12GW of wind and solar power.
The number of technologies supported by the plan will also be expanded in the latest round, with projects from:
Offshore wind energy.
Onshore wind energy.
Solar energy.
Tidal power.
Floating offshore wind energy.
All of them susceptible to being tendered. It is the first time that floating offshore wind can benefit from the plan and the first time since 2015 that onshore wind and solar are included.
As part of the recently announced Ten Point Plan, the Government has promised that the UK will host 40GW of offshore wind capacity by 2030.
Earlier this year, SSE and Equinor outlined plans to create 200 new jobs at the Port of Tyne. Equinor and SSE Renewables have confirmed plans to build a new operations and maintenance (O&M) base at the Port of Tyne.
The operations base will allow Equinor workers to run the wind farm, creating more than 200 jobs in the region. Recruitment activity will begin in early 2022, with the first phase of the wind farm expected to begin producing renewable electricity the following year.
When fully operational, the wind farm will provide enough clean electricity to power more than 4.5 million homes in the UK and is expected to trigger capital investments of around £9 billion in total.
According to edie , SSE Renewables and Equinor, the two companies behind the Dogger Bank wind farm, confirmed that the first two phases of the project will each require a total capital expenditure of around £3bn, including a spending around £800m per phase for offshore transmission.
With a capacity of 3.6 GW, Dogger Bank will be the Chile Mobile Number List world's largest offshore wind farm when operational off the northeast coast of England. It consists of three phases of 1.2GW and construction of the Dogger Bank Wind Farm began in January this year.
When fully operational, the wind farm will provide enough clean electricity to power more than 4.5 million UK homes and is expected to trigger capital investments of around £9 billion in total.
Construction and development of the Dogger Bank Wind Farm
Despite the current economic difficulties caused by the COVID-19 pandemic, the project was still able to secure a final group of lenders, consisting of 29 banks and three credit agencies. Total senior debt facilities in the first two phases of the project have reached £4.8 billion.
Meanwhile, SSE chief executive Alistair Phillips-Davies said:
We are proud to be leading the construction and development of the Dogger Bank Wind Farm, which has been underway for 10 years. We are putting our money where our mouth is in delivering net-zero and strengthening the UK's position as a global leader. This investment will help drive a green recovery from COVID-19 through construction of the project over the next five years, creating jobs and boosting the local economy.
Achieving financial close on the first two phases of the world's largest wind farm is a huge achievement and, in addition to reaching financial close on Seagreen 1 earlier this year, represents significant progress towards achieving our goal of tripling our production. of renewable energy by 2030.
Alistair Phillips-Davies, chief executive of the SSE.
The third phase, Dogger Bank C, is being developed on a different time scale, with a financial close to follow at a later stage.
Dogger Bank has secured 15-year contracts with the Low Carbon Contracts Company (LCCC) through the UK Government's Contracts for Difference (CfD) auction. This was achieved in September 2019, when the auction delivered record low emission prices. As such, Dogger Bank A has a strike price of £39.65/MWh, while phases B and C have locked in a strike rate of £41.61/MWh.
The government aims to double the amount of renewable energy procured through its CfD scheme, targeting 12GW of wind and solar power.
The number of technologies supported by the plan will also be expanded in the latest round, with projects from:
Offshore wind energy.
Onshore wind energy.
Solar energy.
Tidal power.
Floating offshore wind energy.
All of them susceptible to being tendered. It is the first time that floating offshore wind can benefit from the plan and the first time since 2015 that onshore wind and solar are included.
As part of the recently announced Ten Point Plan, the Government has promised that the UK will host 40GW of offshore wind capacity by 2030.
Earlier this year, SSE and Equinor outlined plans to create 200 new jobs at the Port of Tyne. Equinor and SSE Renewables have confirmed plans to build a new operations and maintenance (O&M) base at the Port of Tyne.
The operations base will allow Equinor workers to run the wind farm, creating more than 200 jobs in the region. Recruitment activity will begin in early 2022, with the first phase of the wind farm expected to begin producing renewable electricity the following year.