Eni acquires a 20% stake in the UK Dogger Bank C project, the third phase of the largest offshore wind farm in the world currently under construction which will generate around 18 TWh per year.
Eni strengthens its presence in the UK offshore wind market thanks to an agreement with Equinor and SSE Renewables for the acquisition of a 20% stake in the Dogger Bank C project from
1.2GW.
Dogger Bank C is the third phase of the world's largest offshore wind farm (3,6 GW) currently under construction. Production will start in successive phases with the first phase (DBA) starting in 2023 and the other two, respectively in 2024 and 2025.
Once construction is complete, Dogger Bank will generate around 18 TWh of renewable energy per year, capacity equal to 5% of the demand for the whole of the United Kingdom and equivalent to the consumption of six million British households.
Eni will acquire the asset following the achievement of the project financing expected by the end of 2021. The closing of the transaction is expected in the first quarter of 2022 and is subject to the authorizations of the competent authorities.
Once the transaction is completed, the new shareholder structure for all three phases of the Dogger Bank project (A, B and C) will be composed of SSE Renewables (40%), Equinor (40%) and Eni (20%). This alignment in terms of governance will make it possible to make the most of the synergies between the different phases of the project, from construction to management of the plant.
Claudio Descalzi, Eni's Chief Executive Officer, commented: “Through this important transaction we continue to accelerate our growth strategy in renewable energy, as well as strengthen our presence in the offshore wind market in Northern Europe, one of the most promising and stable in the world. This is a new capacity that further enhances and expands the portfolio of our company that integrates renewables and retail, a fundamental strategic lever for the decarbonisation of emissions related to the use of our products by our customers. It is therefore a new concrete step in our path of complete abatement of the net emissions of industrial processes and products ”.
Eni in 2021 integrated renewable activities with retail ones, combining the growing capacity for generating green energy with the expansion of its customer base.
By joining the Dogger Bank C project, Eni is adding 240 MW of renewable energy to its goal of developing over 6 GW of renewable capacity by 2025, while increasing its involvement and expertise in the development of offshore wind projects.