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Reducing Risk: Equinor Sells Shares in the British Doggerbank Offshore Wind Project

Stavanger, Norway - Norwegian energy company Equinor has reached an agreement with Italian energy group Eni to acquire a stake in Dogger Bank's offshore wind farm projects A and B. Eni will then acquire a 10 percent stake from Equinor for a total price of approximately GBP 202.5 million.

Eni will join the assets as from the financial closing of the project financing, which was achieved on November 25th. Equinor’s shareholder loan financing to date of around GBP 185 million was repaid following the financial close.

“The divestment is in line with our strategy. We access attractive acreage early and at scale, then leverage our technology and experience to mature and de-risk projects", said Pål Eitrheim, executive Vice President of New Energy Solutions at Equinor.

Equinor and SSE Renewables secured 3.6 GW of offshore wind contracts for the three clusters of Dogger Bank, Dogger Bank A, Dogger Bank B and Dogger Bank C under the UK Government’s 2019 Contract for Difference auctions.

Dogger Bank A and B recently reached financial close. Dogger Bank C is being developed at a different time frame. The ownership structure of Dogger Bank C (1.2 GW), in which Equinor and SSE each hold a 50 percent stake, has not changed.

The transaction is expected to close early 2021, subject to regulatory and lenders approvals and customary purchase price adjustments.



Source: IWR Online, Dec 12 2020