Renewable Energy firm Masdar completed the acquisition of 49 per cent shareholding in RWE’s 3 gigawatts (GW) planned offshore wind farms Dogger Bank South (DBS) project worth £11 billion ($13.90 billion) investment, on Thursday.
In early December, this Joint venture was initiated at COP28 in Dubai, where RWE holds a 51% stake in the UK DBS projects, and will lead development, construction and operation throughout the life cycle of the projects.
The project is built on the £10 billion UAE-UK Sovereign Investment Partnership (UK-UAE SIP) to invest in technology, infrastructure and the energy transition, said the firm.
The oil and Gas firm said the construction of the project will be initiated by the end of 2025 and is expected to end by 2031 with the first 800MW of electricity planned to come online in 2029.
“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 100GW renewable energy portfolio capacity by 2030,” said Mohamed Jameel Al Ramahi, Executive Chief of Masdar.
The offshore wind farm project DBS is located shallow offshore area of the North Sea over 100km off the northeast coast of England. DBS comprises two separate sites, DBS East and DBS West with a capacity to produce 3GW electricity.
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