The approval for Dudgeon in meeting the milestone requirements was confirmed by the Low Carbon Contracts Company (LCCC), the designated independent Counterparty to CFDs, last week.
Dudgeon issued the milestone requirement notice on 7th May 2015, two days ahead of schedule.
“This milestone fulfillment is very good news for the project, and it confirms that we’re progressing according to plan in the development of the wind farm. Important elements and decisions to undertake the project, such as financial commitment, consents, timetable and key contracts, have been fulfilled. Onshore construction has just started, but will pick up considerably throughout this year, preparing for the offshore installation campaigns in 2016 and 2017,” says Statoil’s Vice President and Chairman of the Dudgeon Board of Directors, Halfdan Brustad.
“The contractual milestone has been reached through excellent work by the project team and good collaboration with the government’s delivery body, LCCC. The process and the dialogue towards approval have been excellent” , he added.
Nic Rigby, LCCC’s Head of Contract Management, explains: “Congratulations to Dudgeon that they have completed their milestone requirements and reached this pivotal point. Not only does this confirm significant commitment to the projects by the company but it is also a step closer to ensuring we will have the low carbon generation that this country needs.”
Dudgeon Offshore Wind Farm was awarded an Investment Contract under DECC’s Final Investment Decision (FID) Enabling for Renewables process in April 2014. The project is one of the first investments from the UK Electricity Market Reforms (EMR), designed to build the world’s first low carbon electricity market. The CfD contract and a known Strike Price provide a sustainable and long-term basis for the significant investment needed to construct the Dudgeon Offshore Wind Farm. It is expected to have an installed capacity of 402MW, enough energy to power up to approximately 410,000 UK homes.
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