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off north-east coast of England
Appointed as LTA
Located between 130km and 230km off the north-east coast of England, the Dogger Bank Wind Farm is set to become the world’s largest offshore wind farm with an installed generation capacity of 3.6GW - enough to power six million British homes.
Built in three phases - Dogger Bank A, B and C - is a world leading project in offshore wind development. The project’s first wind turbines produced their first power on 10th October 2023, marking a groundbreaking milestone in the site’s development.
The Dogger Bank Wind Farm is a joint venture between SSE Renewables (40%), Equinox (40%) and Vårgrønn (20%, helping to drive the transition to Net Zero carbon emissions once it reaches its full completion date in 2026. Despite development being fully underway, February 2023 saw SSE Renewables and Equinor make the exciting announcement of a proposed further site development - Dogger Bank D.
In 2022, K2 Management was appointed to complete pre-financial close due diligence work as Dogger Bank’s Lenders Technical Advisor (LTA) for the project’s third phase. Similarly, K2 Management was appointed to a four-year construction monitoring role, monitoring the full construction from Dogger Bank phases A to C.
“The Dogger Bank Wind Farm project demonstrates the real potential of offshore wind power to affect significant change in decarbonising the UK’s electricity supplies. K2 Management’s expertise in due diligence, understanding of banks’ lending requirements, and extensive track record in global offshore wind projects has been vital in ensuring that this potential is being realised. It has been invaluable in helping to successfully take Dogger Bank C through to financial close – just as it was through the project’s first two phases.” - Oliver Cass, Financial Director, Dogger Bank Wind Farm.
Now three years into this construction monitoring role, K2 Management has been instrumental in ensuring that the project’s permitting, design, manufacturing and construction expenditure has progressed in line with the project lenders’ assumptions.
Similarly as Lender’s Technical Advisor, K2 Management brought its blend of hands-on project development and construction experience, performing technical due diligence on all aspects of the project design, delivery and operations, providing a bank launch and financial close report for lenders.
The Dogger Bank C part of the development reached financial close in December 2021, and this year, offshore installation work has commenced.
“We are incredibly proud to have now worked with the project team on all three phases of Dogger Bank. Projects on this scale and size bring about unique challenges, but I’m pleased that we have been able, as strategic partners, to bring our mix of best-in-class communication, real world experience, market insight and commercial and technical perspective. It has been a privilege to support project stakeholders through the financing process and aid lenders in making their analyses on the final stage of this hugely exciting project.”