Fid Financial Close

Dogger Bank Wind Farm owners SSE Renewables and Equinor reached financial close on phases A and B on 26 November 2020, representing the largest offshore wind project financing to date globally. Each 1.2 GW phase requires total capital expenditure of around GBP 3 billion, including offshore transmission capex of approximately GBP 800 million per phase. The total senior debt facilities across both phases is GBP 4.8 billion plus ancillary facilities of around GBP 0.7 billion, secured from 29 banks and three export credit agencies (Bpifrance, EKN Sweden, GIEK Norway). Gearing on the transmission facilities is set at 90 percent of forecast OFTO sale proceeds. The project secured 15-year CfD contracts at GBP 41.61/MWh (2012 prices) for Dogger Bank B.