GIEK Backs Aibel and OHT on Dogger Bank A and B

Norwegian state-backed Export Credit Guarantee Agency GIEK is providing loan guarantees for contracts awarded to Aibel and OHT for the UK’s Dogger Bank A and B offshore wind project, for which Equinor and SSE have now reached financial close.

Aibel has won a contract to deliver two converter platforms for the 2.4 GW Dogger Bank A and B, and has an option for a third platform for the Dogger Bank C phase of what will become the world’s largest offshore wind farm.

OHT will provide transport and installation of monopile foundations using its Alfa Lift vessel, currently under construction in China. The vessel is scheduled to be delivered in late 2021 and to be deployed on Dogger Bank A and B in 2022.

GIEK’s loan guarantees in support of Aibel and OHT’s contracts are totalling NOK 3.6 billion (approximately EUR 340 million).

GIEK is participating in the international bank syndicate that is financing the Dogger Bank transactions, working alongside the Swedish Export Credit Agency (EKN) and their French equivalent, BpiFrance Assurance Export.

Export Credit Norway (Eksportkreditt), with which GIEK is set to merge next summer, is also participating in the Dogger Bank line-up, providing loans of around NOK 900 million (approx. EUR 85 million) under the GIEK guarantee.

“Dogger Bank will increase the UK’s access to renewable energy, and I would like to congratulate Equinor and SSE on all their hard work. I am also happy that GIEK is contributing to strengthen Norwegian suppliers, not just in this project but in the entire offshore wind sector”, said Norway’s minister of trade and industry, Iselin Nybø.

The 3.6 GW Dogger Bank offshore wind project, located more than 130 kilometres off the Yorkshire coast, is divided into three 1.2 GW phases, Dogger Bank A, Dogger Bank B, and Dogger Bank C.

Financial close for Dogger Bank C is expected to be made next year.

Photo: Illustration; Photo: Aibel/GIEK