Italian oil and gas company Eni is strengthening its investments in renewable energy. It is now participating with 20% in the 1.2 GigaWatt (GW) Dogger Bank C offshore wind project in the UK through the acquisition of a 10% stake from each of the companies, Equinor and SSE Renewables.

With this acquisition, Eni has now become a partner with Equinor and SSE Renewables in all three phases of the world's largest Offshore Wind Project, having acquired late last year a 20% stake in each of Phases A and B of the Dogger Bank project.

"With this transaction, we continue to accelerate our growth strategy in renewable energy as well as strengthen our presence in the offshore wind energy market in Northern Europe. It is therefore a new step in our process to fully reduce net emissions from industrial processes and products," said, Claudio Descalzi, CEO of Eni.

By acquiring its stake in Dogger Bank C, Eni adds 240 MegaWatt to its portfolio. The goal is to help develop more than 6 GW (net) of installed renewable energy capacity by 2025.

SSE Chief Financial Officer Gregor Alexander said that the third phase project deal with Eni "represents good value for shareholders and will allow us to continue to raise money for the creation of more low-carbon electricity assets."

Upon completion of the deal, in all phases of the Dogger Bank project (A, B and C), Equinor and SSE Renewables will each own 40% of the stakes, and Eni 20%.

"As with phases A and B, C is in line with our strategy to access selective markets and scale," said, Pål Eitrheim, executive vice president of Equinor, the company that may have picked up about $95.4 million from Eni for the 10% of phase C.

The full financing of the Wind Project should be completed later this year. However, the completion of the transaction for the third phase of the project should happen within the first quarter of next year, subject to the usual price adjustment conditions.

Once completed, the World's largest Wind Project, Dogger Bank, will produce around 18 TeraWatt per hour of renewable energy by 2026, enough to supply 5% of the UK's total demand, capable of supplying around five million homes.

The Dogger Bank wind farms are located over 130 km off the coast of the county of Yorkshire in England. Due to its size and scale, the overall park is being built in consecutive phases (A, B, and C) of 1.2 GW each.