EKN contributes to the completion of the world’s largest offshore wind farm
EKN contributes to the financing of the third and last phase of the world’s largest offshore wind farm. Last year EKN provided guarantees for the financing of the purchases of supplies from Sweden through Hitachi Energy and NKT HV Cables AB for the first two phases.
“Reducing risks and lowering costs for investors will be essential to ensure investments in successful and affordable clean energy transition. Here EKN has a very important role. This deal is an illustrative example of how Swedish companies hold a prominent position in meeting the global demand for advanced technology that enables the transition,” says Marie Aglert, Director of Business Area for Large Corporates.
Dogger Bank Wind Farm is being constructed in the North Sea, some 130 km from the Yorkshire Coast in three 1.2 GW phases: Dogger Bank A, B and C. The wind farm comprises a joint venture between the UK energy company SSE Renewables and the Norwegian energy group Equinor. The Italian energy group Eni has acquired a stake in Dogger Bank A and B and has announced its intention to do the same in Dogger Bank C.
The Swedish deliveries to Dogger Bank C comprise of HVDC (High Voltage Direct Current) converter stations from Hitachi Energy and a total of just over 500 km of high-voltage power cable from NKT HV Cables AB. The HVDC technology enables efficient transmission and integration of renewables into the grid, accelerating the energy transition towards a carbon-neutral future. Together, the deliveries comprise a groundbreaking technology solution making Dogger Bank the first HVDC connected wind farm in the UK due to its distance from shore. GE Renewable Energy is delivering the wind turbines.
The investment for Dogger Bank C amounts in total to around GBP 3 billion. The total investment for all three phases of Dogger Bank Wind Farm amounts to around GBP 9 billion.
Dogger Bank C has a capacity of 1,200 MW and will generate around 6 TWh. 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. The first phase, Dogger Bank A, is expected to be operational in 2023. The entire wind farm is expected to be complete in 2026.
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Photo source: GE Renewable Energy