By Anthony O. Goriainoff
SSE PLC said Thursday that it and its joint venture partner Equinor ASA have reached financial close on the first two phases of the Dogger Bank Wind Farm project off the north coast of England.
The FTSE 100 energy networks and power generation group said that total investment in the first two phases of the project will be around 6 billion pounds ($8.03 billion). SSE added that the expected equity investment forms part of its GBP7.5 billion investment program to March 2025.
The company said that once all three phases are complete in March 2026, Dogger Bank will be the largest offshore wind farm in the world.
The wind farm will produce enough clean, renewable electricity to supply 5% of the U.K.'s demand, equivalent to powering 6 million homes, the company said.
"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 company said.
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(END) Dow Jones Newswires