(Bloomberg) -- Eni SpA is increasing its stake in the world's largest offshore wind farm in the North Sea for 140 million pounds ($191 million).
The Italian energy company is buying a share of the third section of the Dogger Bank wind farm being developed by SSE Plc and Equinor ASA, according to a statement Tuesday. The final phase of the project is expected to reach financial close by year's end.
SSE and Equinor divided the 3.6 gigawatt wind farm into three, equal sections. Eni already agreed to pay 405 million pounds for a 20% stake in the first two sections. Each company will sell 10% in the final stage of the project, giving Eni 20% ownership of the entire project off the east coast of the U.K.
RBC Capital Markets LLC advised Eni on the deal, a bank spokesman said.
Once completed in 2026, Dogger Bank will be able to power about 6 million British homes.
The project is a key part of Britain's strategy to expand offshore wind to deliver on the country's goal to hit net-zero carbon emissions by the middle of the century. Prime Minister Boris Johnson wants to quadruple offshore wind capacity by the end of this decade.
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