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    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Real-time Quote. Real-time Oslo Bors - 01/21 10:28:59 am
247.15 NOK   -2.02%
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SSE - DOGGER BANK C REACHES FINANCIAL CLOSE

12/03/2021 | 09:15am EST

SSE Renewables, together with its joint venture partner Equinor, has reached financial close on Dogger Bank C, the third phase of what will be the world's largest offshore wind farm.

The two companies are already constructing the first two phases of Dogger Bank Wind Farm, a ground-breaking project off the north east coast of England which, once all three phases are complete in March 2026, will be the largest in the world.

Total investment in Dogger Bank Wind Farm will be around GBP9 billion (around GBP3 billion for phase C including offshore transmission). SSE's share of investment forms part of its recent Net Zero Acceleration Plan, which included fully funded GBP12.5bn strategic capital investment plans to 2026 alongside ambitious 2031 targets, aligned with net zero and 1.5 degrees.

Large scale projects like Dogger Bank C are made possible by the financial strength and shape of the SSE group with its integrated net zero infrastructure strategy.

Dogger Bank C has a capacity of 1,200MW and will generate around 6,000GWh a year. 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.

SSE is leading on construction across all three phases and Equinor will operate the wind farm thereafter.

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 GBP140m. Eni will enter the asset effective from financial close of project financing. The transaction is expected to complete in Q1 2022, subject to regulatory and lenders approvals and customary purchase price adjustments. Once the transaction is complete, the new overall shareholding in Dogger Bank C will be SSE Renewables (40%), Equinor (40%) and Eni (20%).

SSE is currently leading the construction of more offshore wind than any other company in the world and aims to enable the delivery of over 25% of the UK's 40GW offshore wind target by 2030, whilst also exporting its capabilities overseas. SSE's recent Net Zero Acceleration Programme is targeting an increase of 4GW of renewables installed capacity (net) over the 5 years to 2026, doubling installed renewables capacity to 8GW (net).

This provides a platform for ambitious new 2031 targets including a fivefold increase in renewables output to 50TWh, maintaining a sustained renewables pipeline in excess of 15GW, and a trebling of SSE's owned renewables capacity to over 13GW (net) from c.4GW today.

Dogger Bank Wind Farm is the largest of SSE Renewables' projects currently in construction. SSE Renewables is currently also leading the construction of the Seagreen offshore wind farm (1,075MW, SSE Renewables share 49%), which will be Scotland's largest and the world's deepest fixed bottom offshore wind farm on completion. SSE's offshore wind development project Berwick Bank (up to 4.1GW, fully owned) would also be one of the world's largest when completed later this decade.

Contact:

Tel: 0800 048 3516

Email: transmission.commercial@sse.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 88 408 M - -
Net income 2021 8 584 M - -
Net Debt 2021 3 668 M - -
P/E ratio 2021 10,6x
Yield 2021 2,43%
Capitalization 89 559 M 89 885 M -
EV / Sales 2021 1,05x
EV / Sales 2022 0,90x
Nbr of Employees 21 245
Free-Float 32,6%
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Mean consensus HOLD
Number of Analysts 27
Last Close Price 27,77 $
Average target price 27,23 $
Spread / Average Target -1,94%
EPS Revisions
Managers and Directors
Anders Opedal President & Chief Executive Officer
Ulrica Fearn Chief Financial Officer & Executive Vice President
Jon Erik Reinhardsen Chairman
Carri Ann Lockhart Executive VP-Technology, Digital & Innovation
Jannicke Nilsson Chief Operating Officer
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