Global law firm Norton Rose Fulbright has advised a consortium of lenders on the financial close of the first two phases of Dogger Bank offshore wind farm. When complete in 2026, it will be the world’s largest offshore wind farm.
Located in the North Sea more than 130km from the UK’s Yorkshire coast, Dogger Bank is a joint venture between Equinor and SSE. When all three phases are complete it will have a projected output of 18TWh and could power the equivalent of 6 million UK homes per year, equal to 5% of UK electricity demand.
SSE Renewables is lead operator for development and construction, while Equinor will be lead operator for the duration of the wind farm’s operational phase. The project will be the first High Voltage Direct Current (HVDC) connected wind farm in the UK due to its distance from shore.
A Norton Rose Fulbright team from across its London and Paris offices and Newcastle hub advised a consortium of 29 banks and three export credit agencies on the raising of circa £5.5bn of debt including ancillary facilities for Dogger Bank A and Dogger Bank B. Rob Marsh, co-chair of the firm’s renewable energy practice, led the team. He comments:
“Achieving financial close on a project as large as Dogger Bank is a real achievement in the current circumstances. This project marks something of a turning point for the sector in a number of respects and we expect to see offshore wind capacity increase exponentially over the course of the 2020s, particularly with the increased political support in the UK, the EU and further afield. We are proud to be involved with this landmark transaction.”
The Norton Rose Fulbright team also included energy partner Andrew Hedges, infrastructure projects partner Matthew Hardwick and associates Ben Carrozzi, Chris Aird, Melusi Dlamini and Charles Winch. Partners Dan Wagerfield, Caroline May, Sarah Fitzpatrick, counsel Lucy Bruce Jones, and associate George Sismey-Durrant provided real estate, environment and planning advice. Partners Davide Barzilai, Christine Ezcutari, Daniel Franks, counsels Richard Blackburn, Alexandre Roth and senior associate Paolo Pinna provided banking advice. Partner Matt Hodkin and associate Will Scott provided tax advice.