Joint venture partners, SSE and Equinor, appointed the K2 Management team as Lender’s Technical Advisor to Dogger Bank Wind Farm A and B – two out of three phases that combine to make the largest offshore wind development in the world.In this two-year role, K2 Management guided the project partners through the technical elements of the transaction. Particular emphasis was placed on the wind turbine and cable elements, given that this is the first project globally to close using the 13MW GE Haliade-X wind turbine, and an HVDC export system in the UK.
The scope saw the team support the owners through the CfD Round 3 bid process, in which they were successful in 2019 with all three phases. They then delivered due diligence on all technical elements of the Dogger Bank A and B including:
- Permitting and environmental
- Technical design (civil, electrical, wind turbine, grid connection)
- Project participants and project management
- Construction contracts and interface management
- Operations strategy and contracts
- Technical aspects of the financial model
- Bank grade, independent energy yield assessment
- Risk management and contingency sizing.
Dogger Bank A and B reached financial close in November 2020 and the project owners appointed K2 Management in a further four-year role to complete construction monitoring on both projects.
Steve Hall, Senior Consultant at K2 Management and project lead on the Lender’s Technical Advisor scope, commented: “K2 Management’s engagement at an early stage in the project’s journey to financial close provided project partners with an insight on bankability issues well ahead of time, providing confidence at bank launch.”