Masdar, the UAE’s clean energy powerhouse, has acquired a 49% stake in the UK Dogger Bank South (DBS) offshore wind projects as part of the agreement with RWE.
The partners will now jointly forge ahead with the delivery of these flagship projects. RWE, with a 51% stake, will lead development, construction and operation throughout the life cycle of the projects.
Located in shallow waters in the North Sea over 100 km from the east coast of England, DBS consists of two offshore wind projects.
With an estimated combined installed capacity of 3 GW, DBS has the potential to make a major contribution to the delivery of net zero in the UK once operational. The two projects are expected to be capable of powering up to 3 million typical UK homes with green electricity.
The next development milestone for the projects will be the submission of applications for Development Consent Orders, expected to be during 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.
“Together with Masdar we aim to deliver 3 GWs of new offshore wind capacity and make a significant contribution to the decarbonization of the UK’s energy system. We are looking forward to the RWE and Masdar teams jointly taking forward these flagship projects,” said Markus Krebber, CEO of RWE.
“The addition of the Dogger Bank South project demonstrates our commitment to developing Masdar’s offshore wind capacity and expertise as an important component in our pursuit of the target of 100 GW renewable energy portfolio capacity by 2030,” added Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi.