SSE, Equinor Kick Off Stake Sale in Biggest Wind Farm at Sea
SSE, Equinor Kick Off Stake Sale in Biggest Offshore Wind Farm
(Bloomberg) -- SSE Plc and Equinor ASA plan to put a stake up for sale in what will be the world’s biggest offshore wind farm off the coast of the U.K.
Offshore wind farms, some of the biggest renewable power plants, are in increasing demand from financial investors and energy majors looking to diversify their businesses. The utilities have appointed Rothschild and Co. to lead the equity sale and are in the process of raising the debt, Jim Smith, the managing director SSE Renewables, said in an interview.
The 3.6-gigawatt Dogger Bank wind farm will use turbines the size of skyscrapers from General Electric Co. It will provide enough power for 6 million U.K. homes when the project is completed later this decade.
The companies have divided the project into three 1.2-gigawatt sections. The current sale will be for a stake in the final 1.2-gigawatt area known as Dogger Bank C.
Each company is expecting to sell 10% of its stake in the project, as they did last year when they sold a combined 20% stake in the first two phases of the project to Italian oil company Eni SpA for 405 million pounds ($560 million). The ultimate decision to sell will be for each party to decide, an SSE spokesperson said.
A spokesperson for Equinor declined to comment.
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