Linklaters advises the Dogger Bank Offshore Wind Farm on the development and £5.5 billion project financing of the world’s largest offshore wind farm
Linklaters has advised on the construction, development and £5.5 billion project financing of the Dogger Bank A and Dogger Bank B phases of the Dogger Bank Wind Farm, owned by SSE Renewables and Equinor New Energy. The Dogger Bank Wind Farm will be the largest offshore wind farm in the world, once all three phases are complete in 2026. Located off the North East coast of England, the windfarm will be capable of powering up to 6 million British homes.
The debt financing for the Dogger Bank A and Dogger Bank B wind farms, which reached financial close today, is being provided by a record-breaking club of 29 banks and three export credit agencies (Bpifrance Assurance Export, EKN – The Swedish Export Credit Agency, and GIEK – The Norwegian Export Credit Guarantee Agency). Dogger Bank A and Dogger Bank B will use GE’s 13MW Haliade-X turbine. Installation at Dogger Bank A will be the first time the turbine is installed in the world.
The deal marks the latest in Linklaters consistent record supporting Sponsors with bringing UK offshore wind farm deals to financial close, including on each of the Seagreen, Beatrice, Dudgeon, Galloper, Greater Gabbard, Moray East, Neart na Gaiothe and Triton Knoll offshore wind farms. Linklaters is also currently advising on a range of other offshore wind projects, joint ventures and acquisitions in the UK, France, the US, Taiwan, Japan, South Korea, Vietnam and elsewhere in Asia.
John Pickett, said:
“The unprecedented scale of this transaction demonstrates the key role that offshore wind will play in the road to Net Zero in the UK and around the world. The team are thrilled to have been able to support the sponsors as they drive forward innovation for the sector.”
Richard Coar, said:
“We are delighted to have been able to support SSE and Equinor again on such a landmark transaction. The deal is another significant milestone for the UK offshore wind market as we look forward to AR4 next year, all the more so for having been delivered against the backdrop of the pandemic and associated global economic uncertainty.”
Earlier this year, Linklaters advised SSE Renewables on the development, construction, project financing and 51% equity sale to Total of the 1,075 MW Seagreen offshore wind farm project, located over 27km from the Angus coastline in Scotland.