Operis Supports World’s Largest Offshore Wind Farm Project

Operis is pleased to have support Equinor and SSE renewables on phases 1 and 2 of the Dogger Bank offshore wind farm project, which upon completion on phase 3 in 2026 will become the largest offshore wind farm in the world.  Operis completed a full model audit and tax review for financial close, which occurred on 25 November 2020.

Each phase of the project has a total capacity of 1,200MW and will generate 6,000GWh annually, which in total will cover 5% of the UK’s total electricity demand.  The senior debt facilities across Dogger Bank A and B total GBP 4.8bn, and is supported by GBP 0.7bn of ancillary facilities.  The final group of lenders includes 29 banks and 3 export credit agencies.

Revenues for Dogger Bank A and B include a portion from contract for differences, which have been awarded to Dogger Bank A at a strike price of 39.65£/MWh and Dogger Bank B at a strike price of 41.61£/MWh.  Both of these prices are CPI-linked with a base year of 2012.

Operis Associate Director David Rushton, who led the audit, said: “We are proud to have supported SSE and Equinor on this landmark offshore wind deal.  This transaction further extends Operis’s strong track record in the renewable energy sector.”.