Masdar and RWE unite in £11 billion venture

By: Chloe Emanuel 01/12/2023 Masdar

Corporate General Windfarms

Masdar has solidified an £11 billion investment into the UK's renewable energy sector by acquiring a substantial 49 percent stake in RWE's 3-gigawatt (GW) Dogger Bank South (DBS) projects. These projects, constituting one of the ' world's largest' planned offshore wind farms, are set to improve energy provision for up to 3 million British households while generating thousands of job opportunities.

The agreement, inked on the sidelines of the UN's climate change conference COP28 held in the UAE, marks a stride towards bolstering the UK economy and underscores the UAE's steadfast commitment to advancing net-zero goals in the UK and globally. This investment builds upon the £10 billion UAE-UK Sovereign Investment Partnership (UK-UAE SIP) aimed at fueling technology, infrastructure, and the energy transition.

The DBS projects represent a collaboration between Masdar, a global clean energy leader from the UAE, and RWE, a prominent renewable energy company headquartered in Germany. The colossal facility is anticipated to supply enough energy to power an estimated 3 million typical UK homes and is projected to create around 2,000 jobs during its construction phase and over 1,000 direct and indirect jobs throughout its operational lifecycle.

Mohamed Jameel Al Ramahi, CEO of Masdar, stated, "Masdar takes great pride in partnering with RWE to develop one of the world's largest offshore wind farms. Our involvement from the project's inception allows us to leverage our collective expertise and shared commitment to renewables. The UK, being the world's second-largest offshore wind market, holds immense growth potential. Masdar's decade-long presence in the UK has seen us develop pioneering clean energy projects such as Dogger Bank South, illustrating how innovation and collaboration pave the way for a cleaner, greener future."

The Dogger Bank South projects, situated over 100 kilometers off the northeastern coast of England, will be divided into the DBS East Array and DBS West Array. Each site, spanning 500 square kilometers, will have a capacity for 1.5GW. Masdar's acquisition of a 49% stake in this landmark renewables initiative while RWE retains a 51% share underscores their joint commitment to development, construction, and operation over the projects' lifecycle.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, emphasized, "The Dogger Bank South project, among the largest offshore wind farms globally, will significantly curb emissions while providing clean, affordable, and secure energy to millions of UK households and businesses. To achieve the Paris Agreement's temperature rise limit of 1.5 degrees, the world must triple renewable energy capacity and double energy efficiency by 2030. Projects like DBS exemplify how nations, corporations, and communities can collaborate to deliver impactful solutions."

The collaboration between Masdar and RWE represents a step toward fulfilling ambitious renewable energy targets. As the world moves towards a greener future, this joint venture stands as a testament to international cooperation in combating climate change and accelerating the transition to sustainable energy sources.

For more information about offshore wind farm projects across the globe, click here.

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Masdar and RWE unite in £11 billion venture

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