By Joe Hoppe

SSE PLC and Equinor ASA said Tuesday that they will sell a combined 20% stake in offshore wind farm Dogger Bank C to Italian energy company ENI SpA for around 140 million pounds ($191.3 million).

The Scotland-based energy company said that Dogger will be the world's largest offshore wind farm upon completion. It is on track, with the third phase of the project set for financial close by the end of 2021.

SSE and Equinor hold 50% each in the project and are both selling a 10% stake for around GBP70 million each. The transaction is expected to complete in the first quarter of 2022, subject to regulatory approvals.

SSE said its SSE Renewables subsidiary will continue to lead development and construction and Equinor will operate the asset on completion. SSE will use the proceeds to support the delivery of its net zero-carbon strategy.

"The sale of a stake in Dogger Bank C to ENI represents good value for shareholders and will enable us to continue to recycle capital into creating more low-carbon electricity assets," SSE Finance Director Gregor Alexander said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

November 02, 2021 06:37 ET (10:37 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
SSE (PK) (USOTC:SSEZY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more SSE (PK) Charts.
SSE (PK) (USOTC:SSEZY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more SSE (PK) Charts.