SSE, Equinor Sell 20% Stake in World's Largest Offshore Wind Farm to ENI
02 November 2021 - 11:52AM
Dow Jones News
By Joe Hoppe
SSE PLC and Equinor ASA said Tuesday that they will sell a
combined 20% stake in offshore wind farm Dogger Bank C to Italian
energy company ENI SpA for around 140 million pounds ($191.3
million).
The Scotland-based energy company said that Dogger will be the
world's largest offshore wind farm upon completion. It is on track,
with the third phase of the project set for financial close by the
end of 2021.
SSE and Equinor hold 50% each in the project and are both
selling a 10% stake for around GBP70 million each. The transaction
is expected to complete in the first quarter of 2022, subject to
regulatory approvals.
SSE said its SSE Renewables subsidiary will continue to lead
development and construction and Equinor will operate the asset on
completion. SSE will use the proceeds to support the delivery of
its net zero-carbon strategy.
"The sale of a stake in Dogger Bank C to ENI represents good
value for shareholders and will enable us to continue to recycle
capital into creating more low-carbon electricity assets," SSE
Finance Director Gregor Alexander said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
November 02, 2021 06:37 ET (10:37 GMT)
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