Baringa Partners congratulate joint venture partners SSE Renewables and Equinor on reaching the financial close on Dogger Bank Wind Farm C, the third phase of what will be the world’s largest offshore wind farm when complete in March 2026.
Supporting our commercial partners, SSE Renewables and Equinor in the important piece of UK infrastructure through our work as Lenders Market Advisers is a proud achievement for Baringa. We extend our congratulations to the project owners, SSE and Equinor, and their lenders comprising 28 banks and 3 export credit agencies, on the success of this stage of the project and look forward to the next stages of the development.
Baringa’s role on supporting the development of this project has included:
- Commercial and market advice in support of the project’s bid into the UK government’s Contract for Difference auction
- Provision of market advice to support the Lending group in understanding the long term outlook for offshore wind in the UK electricity market, including assessment of the potential future evolution of negative power prices and key inputs in the financial model on transmission systems costs, routes-to-market and revenues streams from the sale of additional services
- Assessment of the commercial performance of the latest offshore wind turbine technology, including asset-specific Generation Weighted Average captured prices for the Dogger Bank C offshore wind farm based on the location and expected load factor of the asset
- Evaluation of further advancements in offshore wind technology, including the first use of the latest GE Haliade-X 14MW offshore wind turbine and the first use of High Voltage Direct Current cables to connect an offshore wind farm to the UK grid for this latest phase of the Dogger Bank project
For more information on our work in this area, please contact Jim Fitzgerald or Vikash Ahuja.
About Baringa Partners
Baringa Partners is an independent business and technology consultancy. We help businesses run more effectively, navigate industry shifts and reach new markets. We use our industry insights, ideas and pragmatism to help each client improve their business. Collaboration is central to our strategy and culture, ensuring we attract the brightest and the best. And it's why clients love working with us.
Baringa launched in 2000 and now has over 900 members of staff and 92 partners across our practice areas Energy & Resources, Financial Services, Products & Services, and Government & Public Sector. These practices are supported by cross-sector teams focused on Customer & Digital; Finance, Risk & Compliance; People Excellence; Supply Chain & Procurement; Data, Analytics & AI; Intelligent Automation & Operations Excellence; and Technology Transformation. We operate globally and have offices in the UK, Europe, Australia, US and Asia.
Baringa Partners have been voted as the leading management consulting firm in the Financial Times' UK Leading Management Consultants 2021 in the categories Energy, Utilities & the Environment, and Oil & Gas. We have been in the Top 10 for the last 14 years in the small, medium, as well as large category in the UK Best Workplaces™ list by Great Place to Work®. We are a Top 50 for Women employer, and are recognised by Best Employers for Race.
Baringa. Brighter Together.
About Dogger Bank Wind Farm
Dogger Bank Wind Farm was awarded exclusive development rights in 2010 by The Crown Estate as part of its third seabed licensing round. The project secured planning consent in 2015. In September 2019, Dogger Bank Wind Farm secured the following 15-year contracts with the Low Carbon Contracts Company (LCCC) through the UK Government’s Contract for Difference (CfD) auction:
- Dogger Bank A (1,200MW) with a strike price of £39.65/MWh (in 2012 prices, CPI-indexed) for delivery in 2023/24.
- Dogger Bank B and C (1,200MW each) with strike prices of £41.61/MWh (in 2012 prices, CPI-indexed) for delivery in 2024/25.
Onshore cable installation civils works for Dogger Bank C will start in Q1 2022; construction of the onshore convertor station will commence in Q2 2022. Offshore export cable installation will commence in Q1 2024; Offshore platform installation will commence in Q2, 2024; foundation installation will commence in Q3, 2024; Turbine installation will commence in Q2, 2025. First power is anticipated in Q3, 2025 and full power in Q1, 2026.
Onshore construction is currently underway for Dogger Bank A and Dogger Bank B, with offshore construction on Dogger Bank A due to begin in Q2 2022. First power is expected in Summer 2023 and Summer 2024 for Dogger Bank A and B, respectively, with commercial operations to follow around six months later.