Eni Enters Largest Offshore Wind Project
Eni (NYSE: E) announced Friday that it has entered the world’s largest offshore wind project with the acquisition of a 20 percent stake in the UK Dogger Bank (A and B) 2.4 gigawatt (GW) development.
The company, which bought the 20 percent interest from Equinor and SSE Renewables, outlined that the project involves the installation of 190 turbines approximately 80 miles from the British coast. Each turbine has a capacity of 13 megawatts (MW) for a total capacity of 2.4 GW. Eni outlined that, at full capacity, Dogger Bank (3.6 GW) will be the world’s largest project of its kind, generating around five percent of UK demand for renewable electricity.
The construction of the Dogger Bank (A and B) is expected to cost a total of $8 billion (GBP 6 billion) and will take place in two stages, with the first to be completed by 2023, and the second by 2024. By entering the Dogger Bank (A and B) project, Eni said it adds 480 MW of renewable energy to its 2025 target of five GW of installed capacity from renewable sources.
“For Eni, entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies, and to make a substantial contribution to the 2025 target of five GW of installed capacity from renewables, an intermediate step towards the more ambitious target of zero net direct and indirect greenhouse gas emissions in Europe by 2050,” Claudio Descalzi, the chief executive officer of Eni, said in a company statement.
Eni’s following intermediate target for renewables is in 2035, when the company aims to generate 25 GW of installed capacity from renewable sources. This target increases to 55 GW by 2050.
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