Home Industry Energy UAE’s Masdar acquires 49% stake in British offshore wind farm Construction of the mega-facility could start in late 2025, with the first 800 megawatts (MW) of electricity expected to come online by 2029 by Kudakwashe Muzoriwa March 1, 2024 Image courtesy: davee hughes uk/ Getty Images Abu Dhabi clean energy firm Masdar, also known as Abu Dhabi Future Energy Company, has closed the acquisition of a 49 per cent stake in RWE’s $13.9bn (GBP11bn) UK Dogger Bank South offshore wind farm – one of the world’s largest offshore wind farms. The 3 gigawatts (GW) wind farm is expected to generate enough electricity to power three million homes and create 2,000 jobs during construction and an additional 1,000 during the operational phase. Construction of the mega-facility could start in late 2025, with the first 800 megawatts (MW) of electricity expected to come online by 2029. The Dogger Bank South offshore wind farm is made up of two 1.5 GW wind farms spanning 500 km. “We’re delighted to have completed this transaction which is of great importance for the further development of offshore wind in the UK,” said Markus Krebber, CEO of RWE. “Together with Masdar, we aim to deliver 3 GW of new offshore wind capacity and make a significant contribution to the decarbonisation of the UK’s energy system.” Germany’s RWE, which holds a 51 per cent stake in the project, will remain in charge of the development, construction and operation throughout the life cycle of the projects. Masdar said the next development milestone for the projects will be the submission of applications for Development Consent Orders, which is expected to be in the second quarter of 2024. “If successful, the next steps would be to secure Contracts for Difference (CfD), followed by financing, construction and finally commissioning by 2031,” the renewable energy firm said in a statement. The investment builds on the GBP10bn UAE-UK Sovereign Investment Partnership to invest in technology, infrastructure and the energy transition. It is expected to provide a huge boost to the UK economy. Masdar drives energy transition Meanwhile, Masdar aims to build a renewable energy portfolio with a capacity of 100GW by the end of the decade. The UAE clean energy firm previously partnered with RWE on the 630MW London Array wind farm. The company also invested in the 30MW Hywind project – the world’s first floating offshore wind farm – and the 402MW Dudgeon offshore wind farm. Last December, Masdar and Spanish clean-energy giant Iberdrola set up a $16.2bn (EUR15bn) alliance to invest in offshore wind and green hydrogen projects in key markets including Germany, the UK and the USA. The first step of the partnership will be for Masdar to take a stake of up to 49 per cent in Iberdrola’s 1.4GW UK East Anglia 3 offshore wind project. The global green energy giants also closed their EUR1.6bn alliance to develop offshore wind in the Baltic Sea last November. Baltic Eagle will consist of 50 wind turbines built on monopile foundations, each with a unit capacity of 9.53 MW. The wind farm will have an anticipated annual production capacity of 1.9 terawatt-hours (TWh), enough to meet the clean energy demands of 475,000 homes. Read: Masdar, Iberdrola to co-invest EUR15bn in clean energy projects Tags Masdar Renewable Energy RWE UK Wind Farm You might also like Saudi Arabia sees Italy as partner of choice on green products Masdar to help power up Egypt with 200MW wind project UK, Egypt issue alerts for Lebanon airspace Lebanon: Which countries are urging their citizens to evacuate now?