World’s largest offshore wind farm reaches financial close

• 3 years ago (2020-11-30)
• David Flin

Europe 1089 Offshore wind 121

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GE has announced that Dogger Bank Wind Farm, to be located off the northeast coast of England in the North Sea, has reached financial close on debt financing for Phases A and B. Upon reaching financial close, Notice to Proceed (NTP) for Phase A was granted by the co-sponsors, enabling construction to commence on what will be the world’s largest offshore wind farm. The farm will debut GE’s 13 MW Haliade-X wind turbines.

Co-sponsors of the project, SSE Renewables and Equinor , secured and closed a project finance debt package for the first two phases of the 3.6 GW wind farm from a consortium of leading private and public financial institutions, including BNP Paribas , Bpifrance Assurance Export , GIEK , the Norwegian Export Credit Guarantee Agency, and EKN , the Swedish Export Credit Agency.

Dogger Bank Wind Farm is scheduled to reach full commercial operations in 2026. There are three phases, each comprising 1.2 GW. All were successful in the latest Contracts for Difference (CfD) Allocation Round, the UK Government’s auction for renewable power. SSE Renewables will lead the development and construction phases of Dogger Bank Wind Farm, and Equinor will lead on operations once the turbines are completed.

Dogger Bank Wind Farm Phases A and B will each feature 95 of GE Renewable Energy’s Haliade-X 13 MW offshore wind turbines.