UAE – Mubasher: Masdar, known as Abu Dhabi Future Energy Company, has joined an EUR 11 billion investment into the UK’s renewable energy sector, according to a press release.
The UAE group purchased a 49% stake in German energy firm RWE’s three gigawatt (GW) Dogger Bank South (DBS) projects, which form one of the world’s largest planned offshore wind farms.
Subject to customary approvals, the transaction is expected to be concluded during the first quarter (Q1) of 2024.
The agreement was signed on the sidelines of the 28th annual United Nations (UN) climate conference (COP28), which is being held in Dubai during the 30 November– 12 December 2023 period.
The joint investment will boost the UK’s economy and it builds on the EUR 10 billion UAE-UK Sovereign Investment Partnership (UK-UAE SIP) to invest in technology, infrastructure, and the energy transition.
The mega-facility is forecast to generate enough energy to power 3 million typical UK homes.
Furthermore, the projects are predicted to provide 2,000 jobs during construction. This is besides over 1,000 direct and indirect jobs during their operational phase.
Masdar will acquire a 49% stake in the renewables project, while RWE will hold a 51% shareholding. The global company will remain in charge of development, construction, and operation throughout the life cycle of the projects.
The construction phase might begin as early as the end of 2025 and the first 800MW of electricity is planned to come online in 2029. The DBS projects are expected to be fully commissioned by the end of 2031.
Sultan Al Jaber, Chairman of Masdar, highlighted: “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.”
"The world needs to triple renewable energy capacity and double energy efficiency by 2030 if we are to keep the Paris Agreement goal of limiting temperature rises to 1.5 degrees within reach,” Al Jaber mentioned.
Masdar’s CEO, Mohamed Jameel Al Ramahi, commented: “Masdar has been active in the UK for more than a decade, developing world-class clean energy projects such as Dogger Bank South which demonstrate how innovation and collaboration can lead to a cleaner, greener future.”
Markus Krebber, CEO of RWE AG, said: “We are 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.”
