Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 1 December 2021, co-sponsors SSE Renewables and Equinor reached financial close on debt financing for the 1.2 GW Dogger Bank C phase, which includes the HVDC offshore transmission system that will later be transferred as the Dogger Bank C OFTO. A consortium of 28 banks and three export credit agencies agreed senior debt facilities of around £2.5 billion plus approximately £435 million of ancillary facilities, with gearing on the generation assets of about 70% and gearing on the transmission facilities set at 90% of the forecast Offshore Electricity Transmission (OFTO) sale proceeds, enabling construction of the export cables and converter stations to proceed.