Consultancy K2 Management has completed its pre-financial close due diligence work as lender’s technical advisor for the 1200MW third phase of the Dogger Bank offshore wind farm off the east coast of England and has been appointed to a four-year construction monitoring role.
The appointments to lender’s technical advisor and construction monitoring roles marked a hat-trick of Dogger Bank successes for K2 Management, which has been selected to undertake those workstreams for all three phases of the project.
K2 has 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 the 1.2GW each 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.
Dogger Bank financial director Oliver Cass said: “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.
“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.”
K2 Management principal consultant and project manager of the Dogger Bank assignment Steve Hall 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.”
Dogger Bank is located more than 130km off the north-east coast of England and is being delivered by joint venture partners SSE Renewables, Equinor and Eni.
SSE Renewables is leading on construction and delivery while Equinor will operate the wind farm on completion.
Due to its size and scale, Dogger Bank is being built in three consecutive 1.2GW phases — A, B and C.