Masdar embarks on EUR 11bn offshore wind projects in UK

Masdar embarks on EUR 11bn offshore wind projects in UK

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 3 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