Masdar strikes $14bn UK offshore wind farm deal

Masdar strikes $14bn UK offshore wind farm deal

UAE renewables company Masdar has agreed to acquire a 49 percent stake in Germany-based RWE’s twin Dogger Bank South offshore wind projects in the UK, representing an £11 billion ($13.9 billion) investment, the parties said. The deal was announced at Cop28 in Dubai, as UK prime minister Rishi Sunak pledged £1.6 billion ($2 billion) in […]UAE renewables company Masdar has agreed to acquire a 49 percent stake in Germany-based RWE’s twin Dogger Bank South offshore wind projects in the UK, representing an £11 billion ($13.9 billion) investment, the parties said.

The deal was announced at Cop28 in Dubai, as UK prime minister Rishi Sunak pledged £1.6 billion ($2 billion) in funding towards UN climate change goals.

Sunak had recently scaled back Britain’s net zero ambitions and was notably absent from the UN climate ambition summit in New York in September.

At Cop28, the UK appears eager to prove it is still committed to tackling climate change. Within its $2 billion pledge made at this week’s summit, it allocated £40 million to the UN Loss and Damage Fund to help developing countries recover from climate-related damage. The UK is one of only a handful of countries to have set out their financial commitment to