SSE PLC (LSE:SSE) announced it will sell a 10% stake in Dogger Bank C to Eni for an equity consideration of GBP70mln.
The FTSE 100 group said the project, which it owns in a 50/50 joint venture with Norway’s Equinor, will be the world’s largest offshore wind farm when completed.
It remains on track to reach financial close for the 1.2GW Dogger Bank C phase by the end of 2021.
Once the transaction completes in the first quarter of 2022, Eni will own 20% of the C phase, with SSE and Equinor holding 40% each.
SSE Renewables will continue to lead on the development and construction of Dogger Bank Wind Farm, and Equinor will operate the asset on completion.
The UK energy provider will use the proceeds to support the delivery of its decarbonisation strategy.
Once the three phases are complete, which is expected by March 2026, Dogger Bank will generate around 18 TWh, enough renewable electricity to supply 5% of the UK’s demand, equivalent to powering 6mln UK homes.
Shares in SSE were flat at 1,674.5p on Tuesday afternoon.