Eni: enters UK offshore wind market with project stake
(CercleFinance.com) - Eni, Italy's biggest oil and gas group, announced on Friday its first acquisition on the UK offshore wind market through the purchase of a 20% stake in Dogger Bank, the largest wind farm in the world under construction.
Under the deal, Norwegian energy group Equinor has sold a 10% stake in the UK offshore wind farm to the Italian energy group in a deal worth 202.5 million pounds (about 225 million euros).
Eni has also entered into an agreement to purchase a 10% stake in Dogger bank from British utility SSE, Equinor's project partner, on the same financial terms.
Once the deal is complete, the asset will be operated by Equinor and British utility group SSE, with 40% each, while Eni will own the remaining 20% stake.
The Dogger project, located over 130 km off England's north-east coast, is being built in different phases due to its size and scale.
Its construction is expected to cost a total of six billion pounds, with the first stage to be completed by 2023, and the second by 2024.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Under the deal, Norwegian energy group Equinor has sold a 10% stake in the UK offshore wind farm to the Italian energy group in a deal worth 202.5 million pounds (about 225 million euros).
Eni has also entered into an agreement to purchase a 10% stake in Dogger bank from British utility SSE, Equinor's project partner, on the same financial terms.
Once the deal is complete, the asset will be operated by Equinor and British utility group SSE, with 40% each, while Eni will own the remaining 20% stake.
The Dogger project, located over 130 km off England's north-east coast, is being built in different phases due to its size and scale.
Its construction is expected to cost a total of six billion pounds, with the first stage to be completed by 2023, and the second by 2024.
Copyright (c) 2020 CercleFinance.com. All rights reserved.