UAE's Masdar joins RWE for Britain's giant Dogger Bank South offshore wind
Developers sign deal at COP28 over project that's among largest underway globally
Abu Dhabi-based Masdar has agreed to acquire a 49% stake in RWE’s 3GW Dogger Bank South offshore wind project in the UK.
The deal allowing the United Arab Emirates’ renewables powerhouse to enter into Dogger Bank South was signed by the chief executives of both companies during the COP28 climate summit, which began in Dubai on Thursday.
Billed as one of the largest planned offshore wind development projects globally, DBS is expected to power up to 3 million homes in the UK.
The deal represents part of an £11bn ($13.9bn) investment by Masdar in UK renewables, the companies said.
“It builds on the £10bn UAE-UK Sovereign Investment Partnership (UK-UAE SIP) to invest in technology, infrastructure and the energy transition,” Masdar stated.
Located over 100km off the northeastern coast of England, the DBS offshore wind farms will be split across two sites, the DBS East Array, and the DBS West Array. Each site will have the capacity for 1.5GW and span 500 square kilometers.
The construction phase could start as early as end 2025 and the first 800MW of electricity is planned to come online in 2029 and the projects are expected to be fully commissioned by end of 2031.
RWE will retain a 51% share, will remain in charge of development, construction, and operation throughout the life cycle of the projects.
Sultan Al Jaber, chairman of Masdar and COP28 president-designate said: “As one of the world’s largest offshore wind farms, the Dogger Bank South project will make a huge impact on reducing emissions while supplying millions of UK families and businesses with clean, affordable and secure energy."
RWE entered into Agreements for Lease for the two DBS projects with UK seabed landlord The Crown Estate in January.
The company's CEO, Markus Krebber, said: “We’re delighted to welcome Masdar onboard as our partner and co-investor in the delivery of our Dogger Bank South projects which, at 3GW in size, make up RWE’s largest offshore wind development in the UK."
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