Global law firm Norton Rose Fulbright has advised a consortium of lenders on the financial close of the third phase of Dogger Bank offshore wind farm. Upon completion in 2026, it will be the world's largest offshore wind farm.
The total investment in Dogger Bank Wind Farm will be around £9 billion, of which around £3 billion is for phase C including offshore transmission capex in the range of £900 million to £1 billion. Dogger Bank C has a capacity of 1,200MW and will generate around 6TWh. In total, Dogger Bank will produce enough clean, renewable electricity to supply 5 percent of the UK's demand, equivalent to powering six million UK homes.
With the strong interest from lenders, Dogger Bank C was able to secure competitive terms, despite continued impact from the coronavirus pandemic on the macroeconomic environment. The final group of lenders includes experienced lenders, many of which are relationship lenders of both SSE and Equinor. The majority of lenders are the same as for the financing of Dogger Bank A and B.
SSE Renewables and Equinor are already constructing the first two phases of the 3.6GW Dogger Bank Wind Farm with Eni, joint venture partner on phases A and B of the world-leading offshore wind project to be installed off the north east coast of England. Now, with financial close being reached on the project's third phase, Dogger Bank Wind Farm has passed the last important milestone ahead of its construction delivery programme.
The Dogger Bank Wind Farm is pioneering new technology and breaking world records in its delivery including green financing records. Financial close on Dogger Bank C has been reached through the financing support of a group of lenders comprising 28 banks and four export credit agencies (ECAs). Taken in aggregate with the financing last year of the A and B phases of the Dogger Bank project, reaching Financial Close on all three phases makes the Dogger Bank Offshore Wind Farm is the largest offshore wind project financing to date globally.
Rob Marsh, co-chair of the firm's renewable energy practice who led on the deal, commented:
"Our team are very proud of our continued involvement in this landmark transaction. The UK offshore wind market continues to blaze a trail for the rapidly growing global market and it is important to the firm to support clients who are at the forefront of this sector. With the world's attention firmly focused on decarbonisation and the energy transition, these are the deals that we want to be doing and it is going to prove an exciting decade to be in the renewable energy space."
The Norton Rose Fulbright team also comprised associates Ben Carrozzi, Chris Aird, Melusi Dlamini and Charles Winch. Partners Dan Wagerfield, Caroline May, Sarah Fitzpatrick and counsel Lucy Bruce Jones, provided real estate, environment and planning advice. Partner Alexandre Roth, counsel Richard Blackburn and associate Constance Ollat provided banking advice, while partner Matt Hodkin and associate Will Scott provided tax advice.
Norton Rose Fulbright were recently awarded "Energy and Infrastructure Team of the Year"
at Law.com's British Legal Awards for its work advising on Dogger Bank A and B.