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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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SSE, Equinor to invest $8 billion in Britain's Dogger Bank giant wind project

11/26/2020 | 05:05am EST
FILE PHOTO: Equinor's flag flutters next to the company's headquarters in Stavanger, Norway

OSLO (Reuters) - British utility SSE and Norwegian oil company Equinor have agreed to invest 6 billion pounds ($8.03 billion) to construct the first two phases of the Dogger Bank offshore wind power project, the two companies said on Thursday.

The project will become the world's largest offshore wind farm, helping both companies to achieve their climate targets.

"Taken together, the first two phases represent the largest offshore wind project financing to date globally," SSE said in a statement.

"This investment will help drive a green recovery from coronavirus through the project's construction over the next five years, creating jobs and boosting the local economy."

The construction of 2.4 gigawatts of capacity in the British part of the North Sea will be financed by a group of 29 banks and three credit export agencies.

The first phase, of 1.2 GW, is expected to start operations in 2023, with the second following about a year later. Each phase will generate around 6 terawatt hours (TWh) of electricity annually.

A third phase is planned for completion by 2026, by which time Dogger Bank would produce enough electricity to supply 5% of British demand, equivalent to powering six million British homes each year, the companies said.

Last year the Dogger Bank project won British government financial support and on Tuesday it signed power purchase agreements with several buyers.

The British government, which plans to quadruple current offshore wind capacity to 40 GW by 2030, earlier this week announced it would double the capacity of renewable energy projects eligible for support in its next round of subsidy auctions.

Equinor on Nov. 2 said it aims to become a net zero emitter of greenhouse gases by 2050. It has invested in offshore wind in Europe and North America in recent years.

SSE plans to invest 7.5 billion pounds in low-carbon projects over the next five years.

(Editing by Terje Solsvik, David Goodman and Barbara Lewis)

By Nora Buli and Nerijus Adomaitis


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA -1.57% 163 Real-time Quote.12.45%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
SSE PLC 2.55% 1547 Delayed Quote.3.13%
WTI -1.77% 52.063 Delayed Quote.10.00%
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Financials (USD)
Sales 2020 45 370 M - -
Net income 2020 -2 495 M - -
Net Debt 2020 18 888 M - -
P/E ratio 2020 -25,7x
Yield 2020 2,49%
Capitalization 62 440 M 62 432 M -
EV / Sales 2020 1,79x
EV / Sales 2021 1,35x
Nbr of Employees 21 412
Free-Float 31,9%
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Technical analysis trends EQUINOR ASA
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 19,30 $
Last Close Price 19,19 $
Spread / Highest target 42,2%
Spread / Average Target 0,57%
Spread / Lowest Target -43,0%
EPS Revisions
Managers and Directors
NameTitle
Anders Opedal President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer
Svein Skeie Chief Financial Officer
Bjørn Tore Godal Independent Non-Executive Director
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