‘Masdar Acquires 49 Percent Stake in U.K. Offshore Wind Project’

Masdar, a clean energy company based in Abu Dhabi, has recently acquired a 49 percent stake in the Dogger Bank South (DBS) project, a massive offshore wind farm with a capacity of 3 gigawatts (GW). This joint investment of £11 billion ( billion) with RWE, a prominent German renewable energy company, is set to have a significant positive impact on the U.K. economy while showcasing the UAE’s commitment to achieving net-zero goals globally.

This move by Masdar reinforces its strong support for global offshore wind projects. Previously, Masdar was involved in projects like the London Array wind farm, the Hywind project, and the Dudgeon offshore wind farm. The DBS project, located off the northeastern coast of England, is expected to power three million U.K. homes and create thousands of jobs during both its construction and operational phases.

Mohamed Jameel Al Ramahi, CEO of Masdar, expressed excitement about the DBS project and reiterated Masdar’s goal of reaching a renewable energy portfolio capacity of 100GW by 2030. This aligns with the UAE’s vision to triple global renewable capacity by the end of the decade, as outlined in The UAE Consensus.

Construction on the DBS project is anticipated to begin in late 2025, with the initial 800MW of electricity expected to be generated by 2029 and full commissioning by 2031. The next steps involve submitting applications for Development Consent Orders, securing Contracts for Difference (CfD), financing, construction, and ultimately commissioning.

Masdar and RWE will collaborate on the DBS projects, with Masdar holding a stake in both while RWE retains a 51 percent share. This partnership signifies a significant step towards advancing renewable energy initiatives and achieving sustainable goals.