Norway Supports Offshore Wind

State-backed Export Credit Guarantee Agency GIEK hits another milestone as it almost doubles its guarantee tally to the burgeoning sector. GIEK’s mission is to promote Norwegian exports–and it is doing that big time in the offshore wind market in Europe and further afield. Having reached around NOK 4 billion in June, its latest NOK 3.6 billion (GBP 300 million) risk-sharing splash supports supply contracts for Norwegian companies Aibel and OHT Alfa Lift AS to the Dogger Bank mega-project in the North Sea.

Dogger Bank is being developed by joint-venture partners Equinor and SSE Renewables. In 2019, they secured a guaranteed electricity price from the U.K.’s renewables program for 15 years to support what will be the world’s largest wind park, with a combined installed capacity of around 3.6 GW when all three wind farm areas are completed. Together they are projected to generate enough electricity to power 4.5 million British households–5 percent of the U.K.’s total power demand.

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