Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close

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Export Finance Norway (Eksfin) has reached a new milestone of NOK 10.3bn (EUR 1.04bn) in loans and guarantees for offshore wind projects worldwide. Its latest loan guarantee relates to a converter platform contract awarded to Norwegian supplier Aibel for the third phase of the Dogger Bank mega-project in the North Sea (pictured), which reached financial close today with a group of lenders comprising 28 banks and three export credit agencies.

Eksfin has now provided guarantees worth over NOK 5bn in total related to Norwegian deliveries to Dogger Bank, which is being developed in joint venture between Equinor, SSE Renewables and ENI. Once completed in 2026 it will be the world’s largest offshore wind farm. Eksfin’s significant contribution highlights the high priority the government-backed agency is giving to renewables.

Dogger Bank Wind Farm was awarded exclusive development rights in 2010 by The Crown Estate as part of its third seabed licensing round. The project secured planning consent in 2015. In September 2019, Dogger Bank Wind Farm secured a guaranteed electricity price contracts from the UK’s renewables programme for a duration of 15 years. The price is adjusted for inflation.

Dogger Bank lies more than 130 kilometres east of the Yorkshire in water depths of 20 to 35 metres. Each of the three project phases will have an installed capacity of 1.2 GW and combined will cover around 5% of the UK’s total energy requirement – equivalent to powering six million homes. The wind turbine generators (WTG) are expected to be 10-plus MW each and are installed on fixed foundations on the seabed.

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