Masdar is set to acquire a stake in RWE’s 3 GW Dogger Bank South offshore wind projects, as part of the UAE company’s £11 billion investment in the U.K. renewable sector.
Located more than 100 km off the northeastern coast of England, the DBS offshore wind farms will be split across two sites. Each site is expected to have a 1.5 GW capacity and span 500 square km. Masdar will acquire a 49% stake in the renewables project, while RWE, with a 51% share, will remain in charge of development, construction and operation throughout the life cycle of the projects.
The construction phase could start as early as 2025, and the first 800 MW of electricity is planned to come online in 2029. The DBS projects are expected to be fully commissioned by the end of 2031, says Masdar.
“We are delighted to have come onboard at the early stages of this pioneering project, enabling us to leverage our shared passion and expertise in renewables,” says Masdar CEO Mohamed Jameel Al Ramahi. “The U.K. is the world’s second largest offshore wind market and offers huge growth potential.”
“We’re delighted to welcome Masdar onboard as our partner and co-investor in the delivery of our Dogger Bank South projects which, at 3 GW in size, make up RWE’s largest offshore wind development in the U.K.,” adds RWE’s Markus Krebber. “With Masdar, we have a strong and renowned partner at our side who shares our ambition to further drive the growth of offshore wind energy.”
DBS is set to power up to 3 million British homes, with the project building on the £10 billion UAE-UK Sovereign Investment Partnership to invest in technology, infrastructure and the energy transition. Closing of the transaction is subject to customary approvals and expected in the first quarter of next year.