Project

Each wind farm will have a capacity of 1.2GW. Together with the planned Dogger Bank C wind farm, these three wind farms will have a capacity of 3.6GW in total, collectively making them the world’s largest offshore wind farm.

A key source of revenue for the first 15 years of operations are derived from contract for differences (CfDS), which have been awarded to Dogger Bank A at a strike price of £39.65/MWh and Dogger Bank B £41.61/MWh. Both prices are CPI-linked with a base year of 2012.

The Dogger Bank wind farms are being developed by a partnership between SSE Renewables, Equinor and Eni, with corresponding interests of 40%, 40% and 20%.

The senior debt facilities across Dogger Bank A and B total £4.8bn and are supported by £0.7bn of ancillary facilities. The final group of lenders includes 29 banks and three export credit agencies.

Operis Role

SSE and Equinor approached Operis to undertake an audit of the financial models that had been prepared to aid in the raising of senior debt finance for Dogger Bank A and Dogger Bank B.

Robust audit processes and responsive team

The nature of the transaction meant that there were ambitious timetables to be met, and Operis provided an expedited model audit process, enabling sign off to be achieved within a tight timeframe as smoothly as possible.

Both wind farms had their own financial model, which follows a similar structure. Operis’ flexible model audit process allowed it to complete the review of both financial models much more efficiently than would typically be the case for two separate model audits.

Despite the pressing timetable, Operis’s flexible audit process allowed additional analyst time to be dedicated to this assignment and meet the short deadline, ensuring that lender approvals could be obtained in advance of the acquisition date.

Operis was able to allocate additional resources to meet the client’s tight deadline. The team flexibility and expertise were instrumental in expediting the process and successfully providing the client with the necessary model audit assurance to secure lending.

CONTACT US

Please get in touch with either of our regional offices.

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Carmen Wade
Financial Advisory, Head of North America

+1 647 243 3840

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Jun Tao
Global Head of Model Audit & Financial Modelling

+44 207 562 0428

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Mark Southall
Associate Director - Model Audit & Financial Modelling

+1 647 846 7384

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Philip Allen
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Operis Europe

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+44 207 562 0400
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Operis North America

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+1 647 846 7382
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CONTACT US

Discuss your requirements with us

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Erwan Fournis
Global Head of Financial Advisory

+44 207 562 0444

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Chris Aldred
Director

+44 207 562 0433

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