Masdar completes acquisition of 49% stake in 3-gigawatt UK offshore wind project
Abu Dhabi clean energy company Masdar has completed the acquisition of a 49 per cent stake in the 3-gigawatt Dogger Bank South (DBS) project, one of the world’s largest planned offshore wind farms, as it continues to expand its presence across renewable energy markets in the UK and globally.
The acquisition is part of an £11 billion ($14 billion) joint investment in the UK’s renewable energy sector with German company RWE, which retains a 51 per cent stake.
The drive demonstrates the UAE’s commitment to supporting net-zero goals in Britain and around the world, Masdar said.
It builds on the £10 billion UAE-UK sovereign investment partnership that aims to invest in technology, infrastructure and energy transition. “The addition of the Dogger Bank South project demonstrates our commitment to developing Masdar’s offshore wind capacity and expertise as an important component in our pursuit of the target of [a] 100-gigawatt renewable energy portfolio capacity by 2030,” Masdar’s chief executive Mohamed Al Ramahi said.
About 100km off the north-eastern coast of England, the DBS wind farm will be split across two sites – DBS East and DBS West – each with a capacity of 1.5 gigawatts.
The plant is expected to generate enough electricity to power three million UK homes and will lead to the creation of 2,000 jobs during construction and more than 1,000 direct and indirect jobs in the operational phase.
The transaction is important for the “further development of offshore wind in the UK, one of our core strategic markets”, said Markus Krebber, RWE chief executive.
Masdar and RWE signed an agreement to work together on the DBS project at Cop28 in the UAE last December.
Construction is expected to start at the end of 2025, with the first 800 megawatts planned to come online in 2029. The project is expected to be fully commissioned by the end of 2031.
Masdar is supporting offshore wind projects globally.
About a decade ago, Masdar, RWE and partners launched the 630MW London Array wind farm, the world’s largest at the time. Masdar has also invested in the 30MW Hywind project – the world’s first floating offshore wind farm – and the 402MW Dudgeon offshore wind farm.
Last year, it agreed to jointly invest in the 476MW Baltic Eagle offshore wind farm, which will power 475,000 homes.