Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse, has signed an agreement with RWE to become the new partner of UK Dogger Bank South (DBS) offshore wind development projects.
Both partners will continue to drive the delivery of these flagship projects. Closing of the transaction is subject to customary approvals and is expected for the first quarter of 2024.
The partners acknowledged the signing of the new partnership during a ceremony at COP28 in Dubai, marking a clear indication of the pair’s commitment to clean energy.
According to the statement, “Masdar will acquire a 49 percent stake in the landmark renewables projects while RWE, with a 51 percent share, will remain in charge of development, construction, and operation throughout the life cycle of the projects. Masdar reimburses RWE for 49 percent of Devex incurred to date and will co-develop the project.”
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said that, “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.”
“Masdar is very proud to be partnering with RWE to develop one of the world’s largest offshore wind farms. 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. The UK is the world’s second-largest offshore wind market and offers huge growth potential. 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. As global leaders strive to form a unified and urgent plan to tackle the climate crisis at COP28, Masdar will continue to expand its wind energy portfolio as we target a total global capacity of 100GW by 2030 in support of key climate goals.”
The $13 million (£11 billion) joint investment will provide a huge boost to the UK economy and demonstrate the UAE’s long-term commitment to supporting net-zero goals in Britain and around the world.
Mr. Markus Krebber, CEO of RWE AG, noted that, “We’re 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. 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. In combination with RWE’s many years of experience in the development, construction, and operation of offshore wind farms, we are in an excellent position to strongly support the decarbonization of the UK.”
Located over 100 kilometers off the northeastern coast of England, the DBS offshore wind farms will be split across two sites, the DBS East Array and the DBS West Array. Each site will have a capacity of 1.5GW and span 500 square kilometers.
The construction phase could start 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, as per the statement.
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