Masdar, a United Arab Emirates-based renewable energy company, has completed the acquisition of a 49% stake in the Dogger Bank South (DBS) offshore wind projects in the UK from RWE.
The deal was first announced at COP28 in Dubai in December 2023.
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German utility RWE will retain a 51% share in the projects. It will also manage the development, construction and operation of the wind farms throughout their life cycle.
Masdar will be involved in the co-development of the projects.
Masdar CEO Mohamed Jameel Al Ramahi stated: “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 100GW renewable energy portfolio capacity by 2030.”
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RWE CEO Markus Krebber stated: “We are delighted to have completed this transaction, which is of great importance for the further development of offshore wind in the UK, one of our core strategic markets.
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By GlobalData“Together with Masdar, we aim to deliver 3GW of new offshore wind capacity and make a significant contribution to the decarbonisation of the UK’s energy system. We are looking forward to the RWE and Masdar teams jointly taking forward these flagship projects.”
The DBS projects, to be located 100km from the east coast of England in the shallow waters of the North Sea, have a combined capacity of 3GW and will contribute to the UK’s net-zero targets.
They will supply green electricity to three million UK homes.
The forthcoming development milestone for DBS is the submission of development consent orders in the second quarter of 2024.
Once approved, the projects will proceed to secure contracts for difference, arrange financing, commence construction and aim for commissioning by 2031.
The stake acquisition by Masdar follows a similar investment by the company in Iberdrola’s 476MW Baltic Eagle offshore wind farm.
In November 2023, Masdar finalised the purchase of a 49% stake in the project, which was initially announced in July and valued at $1.68bn (€1.6bn).
