Eni buys 20% of Dogger Bank wind power project from SSE, Equinor

OSLO (Reuters) – Italy’s Eni will buy a 20% stake in the Dogger Bank Wind Farm development from Norway’s Equinor and Britain’s SSE (LON:SSE) for a combined 405 million pounds ($545.21 million), the companies said on Friday.

The project off the northeast coast of England is expected to become the world’s largest offshore wind farm, helping the companies to achieve their climate targets.

Following the deal, SSE and Equinor will each hold 40% while Eni will own the remaining 20%.

“For Eni, entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies,” Eni CEO Claudio Descalzi said in a statement.

The deal covers the first two parts of the Dogger Bank development, known as A and B, which were given the go-ahead for construction last week, while Equinor and SSE each retain 50% stakes in phase C, which is still in the planning stages.