Dogger Bank wind farm homeowners, Equinor and SSE, have introduced monetary shut on the primary two phases of the mission, representing in combination the most important offshore wind mission financing up to now globally. SSE Renewables is a renewable vitality subsidiary of SSE plc, which develops and operates onshore and offshore wind farms and hydroelectric technology within the United Kingdom and Ireland.
“Reaching monetary shut on the 2 first phases of Dogger Bank is a significant milestone, demonstrating our dedication to worthwhile development inside offshore wind. The in depth curiosity from lenders underpins the attractiveness of UK offshore wind property and confidence in SSE and Equinor. As the wind farm’s future operator, we’re proud to take this large step ahead in delivering what would be the spine of a rising wind hub within the North Sea,” says Pål Eitrheim, Equinor’s government vp of New Energy Solutions.
The whole senior debt amenities throughout the 2 phases is GBP four.eight billion, plus ancillary amenities of round GBP zero.7 billion. Dogger Bank A and B are being mission financed with gearing of 65% to 70% for the technology property. Gearing on the transmission amenities is about to 90% of the forecasted OFTO sale proceeds.
With the robust curiosity from lenders, Dogger Bank A and B had been in a position to safe aggressive phrases, regardless of unprecedented financial circumstances arising from the worldwide coronavirus pandemic. The last group of lenders, comprising 29 banks and three export credit score companies, consists of skilled lenders within the sector together with relationship lenders of each SSE and Equinor. The stage of curiosity achieved displays the standard of the mission and allows robust returns on shareholder capital to be delivered.
(Source: Equinor – Image: SSE)
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