Italian energy company Eni has acquired a 20% stake in the third phase of what is described as the world’s largest offshore wind farm, the Dogger Bank C project.
The company has bought a 10% stake from SSE for £70 million. Equinor has also sold a 10% share.
Once completed, Dogger Bank, which is located around 130 kilometres off England’s north-east coast, is predicted to generate around 18TWh, enough renewable electricity to supply 5% of the UK’s total demand, equivalent to powering six million homes.
Once the transaction is complete, the new shareholding structure will be comprised of SSE Renewables with 40% stake, Equinor with 40% and Eni with 20% for all the three Dogger Bank project phases A, B and C.
Gregor Alexander, SSE’s Finance Director, said: “As the UK and Ireland’s clean energy champion we see significant opportunities to drive further growth in the transition to net zero and partnering in this way will help us to realise this potential.”
Claudio Descalzi, Chief Executive Officer of Eni, said: “Through this important transaction we continue to accelerate our growth strategy in renewable energy, as well as strengthening our presence in the offshore wind market in Northern Europe, one of the most promising and stable markets in the world.”