SSE Renewables and Equinor, the owners of the Dogger Bank wind farm, has reached financial close on the first two phases of the project.

Located off the northeast coast of England, the project is expected to generate around 5% of the UK’s total power demand.

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Overall, the project will be developed in three 1.2GW phases.

The two companies, which own the project through a 50:50 joint venture, are advancing with the development of Dogger Bank A and B. It is expected to involve an investment of around £3bn for each of the two phases.

SSE and Equinor have agreed to £4.8bn of total senior debt facilities across the two phases along with ancillary facilities of around £700m.

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The two phases are financed with gearing of 65% to 70% for the generation assets.

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SSE chief executive Alistair Philips-Davies said: “We are proud to be leading on the construction and development of Dogger Bank Wind Farm, which has been 10 years in the making. We are putting our money where our mouth is on delivering net-zero and reinforcing the UK’s position as a world leader.

“This investment will help drive a green recovery from coronavirus through the project’s construction over the next five years, creating jobs and boosting the local economy.”

As agreed earlier, SSE Renewables will lead the construction of the 3.6 GW project, while Equinor will be responsible for the wind farm’s operations.

It also already created 320 new skilled jobs, with more expected as construction works ramp up.

The first phase of the Dogger Bank project is expected to go live in 2023. It is slated to become completely operational in 2026.

The financial close for Dogger Bank C is expected at a later stage.

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Equinor and SSE Renewables have announced financial close on the first two phases of Dogger Bank Wind Farm. (Credit: GE Renewables.)