Dogger Bank secures a significant investment worth of a whopping $8 billion from Equinor, a Norwegian-based oil company, and SSE Renewables, a British energy giant. As reported by Electrek, Dogger Bank owners will use the $8 billion investment to boost and construct the 3.6 GW wind farm project.
"The final group of lenders, comprising 29 banks and three export credit agencies, includes experienced lenders in the sector along with relationship lenders of both SSE and Equinor," the Norwegian oil giant addresses.
Both companies will develop the wind farm under a new entity, Dogger Bank Wind Farm, which compromises a 50/50 joint venture. The Norwegian oil company leads the windfarm's operation while SSE takes more responsibilities for its construction site.
Earlier in 2019, the project won hefty financial support from the British government.
The deal sees through benefits for both parties. Dogger Bank will help the British government boost its offshore wind capacity to 40 GW while SSE and Equinor meet their net-zero emission target by 2030.
Dogger Bank Wind Farm's development started way back in the early 2010s when Forewind Limited, a consortium of four European international energy companies, granted a license to develop the site.
The project's final blueprint consists of three 1.2 GW phases: Dogger Bank A, B, and C. The large sandbank is located about 62 miles off the east coast of England, United Kingdom.
The first and the second phase, respectively, will start as earliest in 2023 and 2024. The third phase is expected to be finished in 2026, allowing it to supply 5% of British demand.
In recent years, both companies have shown their commitment to the world of eco-friendly energy.
Equinor had invested in offshore wind projects throughout Europe and North America, including last September when they partnered with BP for the US project. On the other hand, SSE is set to invest over $10 billion in low-carbon projects, as Reuters' report reveals.
British Government Targets
Prime Minister Boris Johnson visioned a bold mission to power every home in the UK through offshore wind earlier this year.
"Now, as we build back better, we must build back greener. So we are committing to new ambitious targets and investment into wind power to accelerate our progress towards net zero emissions by 2050," said the Prime Minister.
After its completion, Dogger Bank Wind Farm will power up to six million homes in the United Kingdom each year. Six annual terawatt-hours of electricity are the current standard for each phase.
SSE believes that such a significant money investment will help society bounce back from the coronavirus pandemic through green and zero-waste recovery. For the next five years, the project will create over 12,000 job openings and boost the local economy.