GSS loan of the year: Dogger Bank Wind Farm

The green, social and sustainability (GSS) loan of the year goes to the £5.5 billion ($7.7 billion) green project finance secured by the first two phases of the Dogger Bank offshore wind farm.

The Dogger Bank wind farm – located off the north-east coast of England – is expected to be the largest offshore wind farm in the world when it is completed in 2026, with 190 General Electric Haliade-X turbines installed. It is being developed by SSE and Equinor, with the first two phases – Dogger Bank A and B – expected to have a generating capacity of up to 2.4GW.

For the Environmental Finance Bond Awards judges, the loan was particularly impressive as it indicated that offshore wind sector had now reached a level of maturity that means it is able to secure large-scale mainstream project financing.

The £5.5 billion green project finance for the wind farm is believed to be the largest project finance loan for an offshore wind farm in the world. The financing was secured from 29 banks – including Lloyds Bank, NatWest, Société Générale and Santander – as well as three export credit agencies.