Dogger Bank wind farm homeowners, Equinor and SSE, have introduced monetary shut on the primary two phases of the mission, representing in combination the biggest offshore wind mission financing to this point globally. SSE Renewables is a renewable power 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 progress inside offshore wind. The intensive curiosity from lenders underpins the attractiveness of UK offshore wind belongings 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 complete senior debt services throughout the 2 phases is GBP four.eight billion, plus ancillary services of round GBP zero.7 billion. Dogger Bank A and B are being mission financed with gearing of 65% to 70% for the technology belongings. Gearing on the transmission services is about to 90% of the forecasted OFTO sale proceeds.
With the robust curiosity from lenders, Dogger Bank A and B have been in a position to safe aggressive phrases, regardless of unprecedented financial circumstances arising from the worldwide coronavirus pandemic. The closing group of lenders, comprising 29 banks and three export credit score companies, contains skilled lenders within the sector together with relationship lenders of each SSE and Equinor. The degree of curiosity achieved displays the standard of the mission and permits robust returns on shareholder capital to be delivered.
(Source: Equinor – Image: SSE)
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