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Prices & Quotes - UK Markets - SSE (SSE)

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Share Price:
Down 1,324.50p
Change Today:
-33.50p
Market Cap:
13,804m
Sector:
Electricity

SSE and Equinor to invest ?6bn in offshore wind project

By Abigail Townsend

Date: Thursday 26 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Blue chip utility SSE and its Norwegian partner Equinor have agreed to spend 6bn constructing the first two phases of the giant Dogger Bank wind farm project.

Dogger Bank, which is situated off England's north east coast, will be the world's biggest offshore wind farm once completed in 2026.

Perth-based SSE said the funding of the first two phases required a total capital expenditure of around 3bn each, representing the largest ever offshore wind project financing to date.

Chief executive Alistair Philips-Davies said: "Achieving financial close for the first two phases of the world's largest wind farm is a huge accomplishment and...represents significant progress towards achieving our goal of trebling our renewable output by 2030."

Pal Eitrheim, executive vice president of new energy solutions at oil firm Equinor, said: "As the wind farm's future operator, we are proud to take this big step forward, delivering what will be the backbone of a growing wind hub in the North Sea."

Dogger Bank A and B are being constructed at the same time to maximise synergies resulting from their geographical proximity and make use of common technology and contractors, SSE said.

Each phase has a capacity of 1,200 Mw and will generate around 6,000 GWh.

Dogger Bank A is scheduled for delivery in 2023/24, Dogger Bank B and C in 2024/25, and the entire project completed the following year.

The Crown Estate granted exclusive development rights to the Dogger Bank Wind Farm in 2010. The project is a 50:50 joint venture between SSE Renewables and Equinor, and is being financed by a group of 29 banks and three credit export agencies.

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SSE Market Data

Currency UK Pounds
Price 1,324.50p
Change Today -33.50p
52 Week High 1,643.00p
52 Week Low 1,072.50p
Volume 3,598,918
Shares Issued 1,042.17m
Market Cap 13,804m
Beta 0.03

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What The Brokers Say

Strong Buy 9
Buy 1
Neutral 6
Sell 1
Strong Sell 1
Total 18
buy
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SSE Dividends

  Latest Previous
  Interim Final
Ex-Div 14-Jan-21 23-Jul-20
Paid 11-Mar-21 18-Sep-20
Amount 24.40p 56.00p

Trades for 26-Feb-2021

Time Volume / Share Price
16:37 4,224 @ 1,324.50p
16:35 2,000 @ 1,324.50p
16:35 1,951,517 @ 1,324.50p
16:29 2 @ 1,321.00p
16:29 626 @ 1,321.00p

SSE Key Personnel

CEO Alistair Phillips-Davies
Finance Director Gregor Alexander
Chair Richard Gillingwater