Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, is part of a £11 billion investment into the UK’s renewable energy sector and is purchasing a 49 percent stake in RWE’s 3 gigawatt (GW) Dogger Bank South (DBS) projects – which form one of the world’s largest planned offshore wind farms.
DBS is capable of powering millions of British homes, reducing emissions and creating up to 3,000 jobs. Closing of the transaction is subject to customary approvals and expected in the first quarter of 2024.
The agreement was signed on the sidelines of the UN’s climate change conference COP28, in the UAE. The £11billion joint investment will provide a huge boost to the UK economy and demonstrates the UAE’s long-term commitment to supporting net-zero goals in Britain and around the world. It builds on the £10 billion UAE-UK Sovereign Investment Partnership (UK-UAE SIP) to invest in technology, infrastructure and the energy transition.
The 3GW DBS projects bring together global clean energy pi
oneers Masdar and RWE, a leading renewable energy company headquartered in Germany. The mega-facility is expected to generate enough energy to power 3 million typical UK homes. The projects are predicted to create 2,000 jobs during construction and more than 1,000 direct and indirect jobs during their operational phase.
Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, and the Chief Executive Officer of RWE, Dr Markus Krebber, signed the agreement at COP28 in Expo City Dubai, on 1st December.
Located over 100 kilometres off the northeastern coast of England, the DBS offshore wind farms will be split across two sites, the DBS East Array, and the DBS West Array. Each site will have the capacity for 1.5GW and span 500 square kilometres. Masdar will acquire a 49 percent stake in the landmark renewables project while RWE, with a 51 percent share, will remain in charge of development, construction, and operation throughout the life cycle of the projects.
The construction phase could start as early as end
2025 and the first 800MW of electricity is planned to come online in 2029. The DBS projects are expected to be fully commissioned by end of 2031.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said, ‘As one of the world’s largest offshore wind farms, the Dogger Bank South project will make a huge impact on reducing emissions while supplying millions of UK families and businesses with clean, affordable and secure energy. The world needs to triple renewable energy capacity and double energy efficiency by 2030 if we are to keep the Paris Agreement goal of limiting temperature rises to 1.5 degrees within reach. At COP28, as we strive to form a unified plan to deliver the urgent course correction the planet needs, projects such as DBS show how nations, companies and communities can join forces to deliver powerful solutions. It also shows the deep bonds between the UK and UAE as exemplified by the UAE-UK Sovereign Investment Partnership, which w
as expanded to commit £10 billion investments in technology, infrastructure, and the energy transition during President His Highness Sheikh Mohamed bin Zayed Al Nayhan’s visit to Britain in 2021.’
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, stated, ‘Masdar is very proud to be partnering with RWE to develop one of the world’s largest offshore wind farms. We are delighted to have come onboard at the early stages of this pioneering project, enabling us to leverage our shared passion and expertise in renewables. The UK is the world’s second largest offshore wind market and offers huge growth potential. Masdar has been active in the UK for more than a decade, developing world-class clean energy projects such as Dogger Bank South which demonstrate how innovation and collaboration can lead to a cleaner, greener future. As global leaders strive to form a unified and urgent plan to tackle the climate crisis at COP28, Masdar will continue to expand its wind energy portfolio as we target a total global
capacity of 100GW by 2030 in support of key climate goals.’
The deal demonstrates Masdar’s long-standing commitment to advancing offshore wind projects in the UK and Europe. A decade ago, Masdar, RWE and its partners launched the 630MW London Array wind farm, the world’s largest at the time. Today’s investment in the 3GW DBS projects – almost five times as big as London Array – shows Masdar’s steadfast expansion into the exciting offshore wind sector.
Masdar has also invested in the 30MW Hywind project, which was the world’s first floating offshore wind farm, and the 402MW Dudgeon offshore wind farm. In July, Masdar invested in the 476MW Baltic Eagle offshore wind farm set to power 475,000 homes. The company’s Global Offshore Wind division is based in London and Masdar is pursuing a strategy of investing and developing projects at the early stages to further strengthen its expertise as an offshore wind developer.
Markus Krebber, CEO RWE AG, added, ‘We are delighted to welcome Masdar onboard as our partner
and co-investor in the delivery of our Dogger Bank South projects which, at 3GW in size, make up RWE’s largest offshore wind development in the UK. With Masdar, we have a strong and renowned partner at our side who shares our ambition to further drive the growth of offshore wind energy. In combination with RWE’s many years of experience in the development, construction, and operation of offshore wind farms, we are in an excellent position to strongly support the decarbonisation of the UK.’
Offshore wind energy could generate 380GW by 2030, provided investment is increased and permitting protocols are accelerated, according to the International Renewable Energy Agency. With the UK and Europe setting ambitious legally binding net-zero goals, Masdar will continue to harness opportunities to develop the region’s burgeoning wind energy sector.
RWE is leading the way to a green energy world. Between 2024 and 2030, RWE will invest 55 billion euros worldwide in offshore and onshore wind, solar energy, batteries, fl
exible generation, and hydrogen projects. By the end of the decade, the company’s green portfolio will grow to more than 65 gigawatts of generation capacity, which will be perfectly complemented by global energy trading. RWE is decarbonising its business in line with the 1.5-degree reduction pathway and will phase out coal by 2030. RWE will be net zero by 2040.
RWE is already one of the leading companies in the field of renewable energy and offshore wind. Its unparalleled expertise over the last 20 years has resulted in 19 offshore wind farms in operation, with a goal to grow its global offshore wind capacity from 3.3GW today to 10GW in 2030.
Source: Emirates News Agency
