Responsibilities of the Norwegian energy major Equinor photographed in February 2019. Equinor, alongside SSE, is part of a 50:50 joint gamble to develop the Dogger Bank Wind Farm.
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A major offshore wind holding, set to be the largest on the planet, took another leap forward Thursday with SSE Renewables and Equinor announcing the completion of a huge quantity to finance the project.
Once completed, the Dogger Bank Wind Farm in Britain — a 50:50 joint venture between the two firms — last wishes as have a total capacity of 3.6 gigawatts (GW).
The first two phases, Dogger Bank A and Dogger Bank B, will be built simultaneously, with each be subjected to a capacity of 1.2 GW.
The third phase of the project, Dogger Bank C, is being developed to a different schedule, with a economic close expected toward the end of 2021.
In a statement, SSE said funding for the first two phases of the project represented “the largest ever offshore twist project financing anywhere in the world.” Investment for Dogger Bank A and B will amount to approximately £6 billion (about $8 billion), it added.
According to the website of the Dogger Bank project, which will be located in waters off the northeast shore of England, the final group of lenders is made up of 29 banks and three export credit agencies. SSE Renewables is premier up construction of the facility, while its operations are to be led by Equinor.
The scale of the overall scheme, which is due to be finished in 2026, is considerable. Equinor and SSE be experiencing both described it as the “world’s biggest offshore wind farm.”
Phases A and B will use GE’s 13 megawatt Haliade-X turbine, while the close at hand farm as a whole will have the ability to power as many as 4.5 million homes in the U.K. annually. Onshore construction operates for the project started earlier this year.
Pål Eitrheim, Equinor’s executive vice president for New Energy Solutions, traced reaching financial close for the first two phases as “a major milestone.”
SSE’s Chief Executive, Alistair Philips-Davies, said the investment choice “help drive a green recovery from coronavirus through the project’s construction over the next five years, siring jobs and boosting the local economy.”
Last month, U.K. Prime Minister Boris Johnson said he wanted the provinces to become the “world leader in low-cost clean power generation.”
Speaking at the Conservative Party annual conference, which was hand overed virtually, Johnson stressed the importance of renewable energy sources, especially offshore wind.
“We believe that in 10 years’ dead for now, offshore wind will be powering every home in the country, with our target rising from 30 gigawatts to 40 gigawatts,” he said.
“You agreed me right: your kettle, your washing machine, your cooker, your heating, your plug-in galvanizing vehicle, the whole lot of them, will get their juice cleanly and without guilt from the breezes that fuck up around these islands,” he added.
The pledge to increase offshore wind capacity was included in the Conservative Party’s manifesto for the 2019 encyclopaedic election.