Norway – Equinor has reached a deal to sell a 10% stake in Dogger Bank A (1,200 MW) and Dogger Bank B (1,200 MW) assets to Eni.
As part of this deal, Eni also signed an agreement to buy a 10% stake in Dogger Bank A and Dogger Bank B assets from project partner SSE on the same terms.
Following this transaction, the new overall shareholding in Dogger Bank A and Dogger Bank B is SSE Renewables (40%), Equinor (40%) and Eni (20%).
Eni joined the assets of Dogger Bank A and B, effective from the completion of the funding of the plant, which was reached on 25 November 2020. The gross consideration earned at closing amounted to £206.4 million.
Third in two years
The farm down to Eni is Equinor’s third offshore wind transaction in less than two years. The three combined transactions (divestments of non-operated investments in Arkona, Empire Wind/Beacon Wind and Dogger Bank A and B projects) produced an accounting benefit of approximately $1.5 billion.
In the various phases of the project, Equinor divested around 2.5 GW of capacity for cash just under $2 billion. This shows the company’s record in consistently capturing value from world-class assets. The A and B phases of the Dogger Bank Wind Farm have reached financial closeness on competitive terms, underlining the attractiveness of UK offshore wind assets and confidence in the joint venture.
The third phase of the wind farm, Dogger Bank C (1,200 MW), is being developed in a different timeline. There is no change in ownership of this phase, in which Equinor and SSE each have a 50 per cent stake.