EQUINOR has agreed to sell Italian operator Eni a 20% share of the Dogger Bank Windfarm for £405 million.
The deal will see Eni acquire 10% from Equinor and SSE, paying each firm £202.5m for stakes in Dogger Bank A and B – the first two phases of the project off the English coast.
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It is expected to close in early next year, leaving Equinor and SSE Renewables with 40% each.
There is no change to the ownership of the third phase, Dogger Bank C, in which Equinor and SSE each have a 50% stake.
Dogger Bank, a 190-turbine development which lies around 80miles off the north-east coast of England, is expected to be able to power 6million British homes, 5% of total electricity demand, once fully completed in 2026.
Claudio Descalzi, Eni chief executive officer, said: “For Eni, entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies.
“And to make a substantial contribution to the 2025 target of 5 GW of installed capacity from renewables, an intermediate step towards the more ambitious target of zero net direct and indirect greenhouse gas emissions in Europe by 2050.”
SSE Renewables is maintaining the lead on construction, while Equinor will operate the windfarm once it is complete.
Pål Eitrheim, , executive vice president in New Energy Solutions in Equinor, said: “Dogger Bank is the largest wind farm in the world under construction, and we are pleased to welcome Eni as a new partner.
“Through the sheer scale of the project we have delivered record-low contract prices for the UK market, and as operator of the wind farm we will continue to deliver value to the UK for years to come.
“Together with our partners we will continue to drive the energy transition to a net zero emissions future for the UK.”
