Dogger Bank Offshore Wind Farm’s Third Phase Financing

Linklaters and CMS advised SSE Renewables and Equinor on the construction, development and project financing of Dogger Bank C.

Dogger Bank C is the third phase of the Dogger Bank Offshore Wind Farm, owned by joint venture partners SSE Renewables and Equinor. The Dogger Bank Offshore Wind Farm will be the largest offshore wind farm in the world once all three phases are complete in March 2026.

The debt financing for Dogger Bank C, which reached financial close today, is being provided by 28 banks and three export credit agencies, namely Bpifrance, EKN, The Swedish Export Credit Agency and Export Finance Norway (Eksfin).

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% of the UK’s demand, equivalent to powering six million UK homes. The total capex for Dogger Bank C is around £3bn.

On 2 November 2021 SSE and Equinor announced the sell down of a combined 20% share in Dogger Bank C to Eni (10% each) for a total consideration of £140m, on which Linklaters also advised.

The Linklaters team was led by partners Richard Coar (Picture), John Pickett and Francesca Matthews. Key team members included managing associate Albert Yu and associates Anthony Tridgell, Joowon Lee and Carina Chan.

The overall work on the Dogger Bank projects at CMS has been coordinated by partner Munir Hassan since first rights to the zone were secured in Round 3 in 2009, with the real estate and consenting work on Dogger Bank C led by partners Leilah Rawle, Stephen McNaught and Robin Hutchison. The wider team included Nadia Wheeler, Emma Forbes-Stocken, Elizabeta Shakaj and James Pontifex (Real Estate); Robert Garden, Kathryn Nolin and Gael Hardie (Planning); and Dalia Majumder-Russell and Freddie May (Energy).

 

Involved fees earner: Robert Garden – CMS Cameron McKenna Nabarro Olswang LLP; Gael Hardie – CMS Cameron McKenna Nabarro Olswang LLP; Munir Hassan – CMS Cameron McKenna Nabarro Olswang LLP; Robin Hutchison – CMS Cameron McKenna Nabarro Olswang LLP; Dalia Majumder-Russell – CMS Cameron McKenna Nabarro Olswang LLP; Freddie May – CMS Cameron McKenna Nabarro Olswang LLP; Stephen McNaught – CMS Cameron McKenna Nabarro Olswang LLP; Kathryn Nolin – CMS Cameron McKenna Nabarro Olswang LLP; Leilah Rawle – CMS Cameron McKenna Nabarro Olswang LLP; Carina Chan – Linklaters; Richard Coar – Linklaters; Joowon Lee – Linklaters; Francesca Matthews – Linklaters; John Pickett – Linklaters; Anthony Tridgell – Linklaters; Albert Yu – Linklaters;

Law Firms: CMS Cameron McKenna Nabarro Olswang LLP; Linklaters;

Clients: Equinor – Equinor Ventures; SSE Renewables;

Giulia Di Palma

Author: Giulia Di Palma