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26 November 2020 5 min read

Baringa Partners congratulate owners of world’s largest offshore wind farm development on financial close of £5.5bn in lending

Ilesh Patel

Ilesh Patel
Partner | Energy, utilities and resources | London

Phil Grant

Phil Grant
Partner | Energy, utilities and resources | London

Baringa Partners are delighted to see the financial close of the first two phases of Dogger Bank, the world’s largest offshore wind farm development, situated off the North-East of the UK.

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 29 banks and three 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:

  1. Commercial and market advice in support of the project’s bid into the UK government’s Contract for Difference auction
  2. Provision of market advice to support the Lending group in understanding the long term outlook for offshore wind in the UK electricity market
  3. Assessment of the commercial performance of the latest offshore wind turbine technology

Ilesh Patel, Global Strategy and Markets Lead – Energy & Resources at Baringa Partners said “We are absolutely delighted to have worked closely with SSE and Equinor on this landmark project for the offshore wind sector. We have worked closely with our partners in the offshore wind sector, ranging from the early ROC schemes to now the world’s largest offshore wind farm development, Dogger Bank. Offshore wind has an exciting future in the UK and around the world as a technology that can generate a large amount of low carbon power.

The offshore wind sector has made significant progress in the last 10 years and we look forward to working with clients in the UK, Europe, US and Asia to continue the important contribution that the sector can make to decarbonising the power industry globally.”

Phil Grant, Global Head of Power Generaton – Energy & Resources at Baringa Partners commented “Funding global decarbonisation will require different types of capital and investors to come together in order to fund major infrastructure investments. Projects like Dogger Bank are groundbreaking in terms of scale and commercial innovation, and will serve as a benchmark for future projects.  We have been delighted to support the Lenders to Dogger Bank and look forward to working with them as the project progresses.”

About Dogger Bank

  • Total Output for Dogger Bank Wind Farm when all three 1,200MW phases are complete in 2026 will be 18TWh (6TWh each phase) or 5% of UK demand.
  • Total homes powered for Dogger Bank Wind Farm when all three 1,200MW phases are complete in 2026 will be 6 million typical UK homes
  • The Dogger Bank A (1,200MW) strike price of £39.65/MWh (in 2012 prices, CPI-indexed) for delivery in 2023/24 is one of the lowest yet achieved in the UK government subsidy auctions
  • The wind farm will be located more than 130km off the North East coast of England, with innovative technologies including the latest 13MW GE turbines and HVDC grid link to shore

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 700 members of staff and more than 65 partners across our practice areas Energy and Resources, Financial Services, Products and Services, and Government and 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, Middle East and Asia.

Baringa Partners have been voted as the leading management consulting firm in the Financial Times' UK Leading Management Consultants 2020 in the categories energy, Utilities & the Environment, and Oil & Gas. We have been in the Top 10 for the last 13 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.