Masdar joins RWE in £11bn Dogger Bank South offshore wind projects in UK
Abu Dhabi Future Energy Company PJSC – Masdar, a leader in the UAE’s clean energy sector, has announced a substantial investment of £11 billion into the UK’s renewable energy sector alongside German energy company RWE. This significant move involves purchasing a 49 percent stake in RWE’s 3 gigawatt (GW) Dogger Bank South offshore wind projects (DBS projects), poised to become one of the world’s largest planned offshore wind farms.
Dogger Bank South offshore wind projects : Powering Millions and Creating Jobs
The Dogger Bank South offshore wind projects, with the capacity to power millions of British homes, are set to play a crucial role in reducing emissions and creating up to 3,000 jobs. This major transaction is expected to receive customary approvals and close in the first quarter of 2024.
UAE-UK Joint Investment and Net-Zero Goals
Signed at the UN’s climate change conference COP28 in the UAE, this joint investment underlines the UAE’s commitment to supporting Britain’s net-zero goals. It extends the £10 billion UAE-UK Sovereign Investment Partnership (UK-UAE SIP) focused on investing in technology, infrastructure, and the energy transition.
Masdar Acquires 49% Stake in UK’s Dogger Bank South Wind Farm Projects from RWE
Masdar and RWE: A Strategic Partnership
The collaboration between Masdar and RWE, a leading renewable energy company headquartered in Germany, brings together global pioneers in clean energy. The 3GW Dogger Bank South offshore wind projects are expected to generate sufficient energy to power 3 million typical UK homes and create significant job opportunities during both construction and operational phases.
Significant Development in Offshore Wind Sector
Masdar’s acquisition of a 49% stake in the Dogger Bank South offshore wind farms marks a notable expansion in the offshore wind sector. With RWE holding the remaining 51%, they will oversee development, construction, and operation. The construction phase is set to begin by the end of 2025, with the first 800MW of electricity expected to be online in 2029 and full commissioning by the end of 2031.
Statements from Key Figures
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, emphasized the project’s impact on emissions reduction and clean energy provision. Similarly, Masdar CEO, Mohamed Jameel Al Ramahi, highlighted Masdar’s commitment to offshore wind energy and the UK’s significant market potential. Markus Krebber, CEO of RWE AG, expressed excitement about the partnership with Masdar in delivering the DBS projects.
The Future of Offshore Wind Energy
With offshore wind energy expected to generate 380GW by 2030, Masdar’s investment signals a strong commitment to developing the region’s wind energy sector. RWE plans to significantly expand its green portfolio by the end of the decade, aligning with net-zero goals and decarbonizing its business.
Conclusion
This deal not only showcases Masdar’s ongoing commitment to the offshore wind sector but also signifies a major step towards achieving global renewable energy and net-zero targets. The collaboration between Masdar and RWE sets a precedent for future investments and developments in the renewable energy landscape.