Italian multinational Eni has expanded its presence within the UK renewables market by acquiring a 20% stake in the Dogger Bank project.
The stake acquired by Eni is for Dogger Bank C, the third phase of the project which is currently under construction. The acquisition means Eni joins SSE Renewables (40%) and Equinor (40%) in owning the wind farm.
The 1.2GW phase is expected to be completed in 2025. The first phase of Dogger Bank is due to come online in 2023 and the second phase in 2024.
The three phases of the project will add 3.6 GW of clean energy and generate 18 TWh of clean electricity per annum. The farm will produce 5% of the UK’s total energy demand and the equivalent energy required to power six million households.
The project is expected to play a key role in helping the UK to accelerate its energy transition and secure its electricity supply.
Claudio Descalzi, CEO of Eni, said: “Through this important transaction we continue to accelerate our growth strategy in renewable energy, as well as strengthening our presence in the offshore wind market in Northern Europe, one of the most promising and stable markets in the world.
“This new capacity further enhances and expands Eni’s portfolio that integrates renewables and retail, a fundamental strategic lever for the decarbonisation of emissions related to the use of our products by our customers. It is, therefore, a new concrete step in our process of complete reduction of the net emissions of industrial processes and products.”
The acquisition increases Eni’s renewables capacity by 250MW as the company seeks to achieve 6GW of clean capacity by 2025.