Renewable energy engineering and project management consultancy, K2 Management, has completed its pre-financial close due diligence work as lender’s technical advisor (LTA) for the third phase of the Dogger Bank Wind Farm – and been appointed to a four-year construction monitoring role.
The appointments to LTA and construction monitoring roles marked a hattrick of Dogger Bank successes for K2 Management, which was selected to undertake those workstreams for all three phases of the 3.6 GW project.
Working as a strategic partner to project stakeholders as LTA, K2 Management performed technical due diligence on all aspects of the project design, delivery, and operations, providing a bank launch and financial close report for lenders.
The company is already one year into a four-year construction monitoring scope on Dogger Bank A and B, ensuring that permitting, design, manufacturing, and construction expenditure progresses in line with project lenders’ assumptions. It has now been chosen to carry out this work for Dogger Bank C, through until 2026.
Located between 130 kilometres and 230 kilometres off the north-east coast of England, Dogger Bank Wind Farm will be the world’s largest offshore wind farm with an installed generation capacity of 3.6 GW, enough to power six million British homes.
The wind farm is being developed in three 1.2 GW phases: Dogger Bank A, B, and C. The final phase of the Dogger Bank project, Dogger Bank C, reached financial close last month, with completion expected in 2026.
Steve Hall, Principal Consultant and project manager of the Dogger Bank assignment at K2 Management, said: ”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.”
Onshore infrastructure works for all phases of the project are already underway, with completion scheduled for 2024, 2025, and 2026 respectively.
”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,” Dogger Bank Wind Farm Financial Director, Oliver Cass, said:
”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.”
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