Name of the Project
Dogger Bank Wind Farm.
Location
Each phase of the project will be located at least 130 km off the north-east coast of England, in the UK.
Dogger Bank C will connect to the national grid at the existing Lackenby substation, in Teesside.
Project Owner/s
SSE Renewables and Equinor each have a 50% share.
Project Description
Dogger Bank is the world’s biggest offshore wind farm under development. When complete, it will be able to provide electricity for more than 4.5-million UK homes – about 5% of the UK’s electricity demand – using renewable electricity from the wind.
The wind farm will be constructed in three phases – Dogger Bank A (previously known as Creyke Beck A), Dogger Bank B (previously known as Creyke Beck B) and Dogger Bank C (previously known as Teesside A).
Each phase will have an installed generation capacity of up to 1.2 GW, providing a combined installed capacity of up to 3.6 GW.
Each project is expected to generate about 6 TWh/y of electricity.
innogy has taken full ownership of the project previously known as Teesside B, which has since been renamed Sofia Offshore Wind Farm.
Potential Job Creation
To date, 320 jobs have been created at the project.
Capital Expenditure
The first phase will cost an estimated £9-billion to implement.
Planned Start/End Date
Consent for the project was granted in 2015.
Financial close on Dogger Bank A and Dogger Bank B is expected in late 2020, with financial close for Dogger Bank C expected in late 2021.
Turbine installation is scheduled to begin in 2023 at Dogger Bank A, which is also expected to come into operation in 2023.
The project is expected to be completed in 2026.
Latest Developments
Equinor and SSE announced in November that they had reached financial close on the first two phases of the project, representing in aggregate the biggest offshore wind project financing to date globally.
The total senior debt facilities across the two phases is £4.8-billion, plus ancillary facilities of about £700-million. Dogger Bank A and B are being project financed, with gearing of 65% to 70% for the generation assets. Gearing on the transmission facilities is set to 90% of the forecast offshore transmission station sale proceeds.
With the strong interest from lenders, Dogger Bank A and B were able to secure competitive terms, despite unprecedented economic circumstances arising from the coronavirus pandemic. The final group of lenders, comprising 29 banks and three export credit agencies, includes experienced lenders in the sector, along with relationship lenders of SSE and Equinor. The level of interest achieved reflects the quality of the project and allows for strong returns on shareholder capital to be delivered.
Dogger Bank C is being developed on a different timescale, with financial close to follow at a later stage.
Key Contracts, Suppliers and Consultants
GE Renewable Energy (turbines); and Jan De Nul Group (transport and installation of turbines).
Contact Details for Project Information
Forewind, email info@forewind.co.uk.