SSEZY - Eni buys stake in world's largest offshore wind farm from Equinor SSE

Eni (E) agrees to buy a 20% stake in the Dogger Bank Wind Farm project from Equinor (EQNR) and SSE (SSEZY) for a combined £405M ($545M).The project off the U.K. northeast coast is expected to become the world's largest offshore wind farm, helping the companies to achieve their climate targets.The deal with Eni covers the first two parts of the Dogger Bank development, which completed a funding agreement last week and will add a combined 2.4 GW of capacity, with completion scheduled in 2023 and 2024, respectively.Equinor and SSE will own 40% each in Dogger Bank A and Dogger Bank B after the transaction.Equinor and SSE retain 50% stakes in phase C, which is still in the planning stages and could add another 1.2 GW in 2026, when Dogger Bank would produce enough electricity to supply 5% of British demand.

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Eni buys stake in world's largest offshore wind farm from Equinor, SSE