Abu Dhabi Future Energy firm has become a part of an £11billion 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.
The project form one of the world’s largest planned offshore wind farms. As per reports, DBS is capable of powering millions of British homes, reducing emissions and creating up to 3,000 jobs. It is reported that the closing of the transaction is subject to customary approvals and expected in the first quarter of 2024.
The agreement was signed during the UN’s climate change conference COP28, in the UAE. The project is expected to boost 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 pioneers 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,” said the firm.
The firm further said that the project is located over 100 kilometers 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 1.5 GW and span 500 square kilometers. Masdar will acquire a 49% stake in the landmark renewables project while RWE, with a 51% share, will remain in charge of development, construction and operation throughout the life cycle of the projects,’ said the firm.
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.
A decade ago, Masdar, RWE and its partners launched the 630MW London Array wind farm, the world’s largest at the time. With the present investment in the 3GW DBS projects, which is almost five times as big as London Array proves Masdar’s steady expansion in the offshore wind sector.
It may be noted that 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.
According to the International Renewable Energy Agency. Offshore wind energy could generate 380GW by 2030, provided investment is increased and permitting protocols are accelerated.