Masdar Takes Stake in Dudgeon OWF, Investment Worth GBP 525 Mln

Abu Dhabi-owned green energy giant Masdar has confirmed that it will invest £525 million for a 35% stake in the planned Dudgeon offshore wind farm, alongside Norweigan partners Statoil and Stakraft.

Earlier this summer, the Dudgeon project passed a final investment decision. In conjunction with this a new partner acquired a 35 percent stake from Statoil. On Tuesday this week, at the UN Climate Summit in New York it was announced that the new partner is Masdar. Statoil retains a 35% stake and remains operator of the Dudgeon project, with the remaining 30% owned by Statkraft.

Statoil’s CEO Helge Lund, Masdar’s Chairman Dr Sultan Al Jaber, Statkraft’s CEO Christian Rynning Tønnesen and UK Secretary of State for Energy and Climate Change Ed Davey were all present at the announcement on Tuesday 23 September.

Energy and Climate Change Secretary Ed Davey said:

“Masdar’s investment is a strong endorsement of the UK as the best place in the world to invest in offshore wind – and it shows the Government’s plan for green growth is working.

“Since 2010 we have seen, on average, £7 billion a year invested in renewables and we expect to see up to £50 billion more between now and 2020.”

Masdar is Abu Dhabi’s renewable energy company advancing the development, commercialization and deployment of clean energy technologies and solutions. The company is a partner in the development of the London Array offshore wind farm, one of the largest offshore wind parks in the UK.

“On behalf of the Dudgeon Offshore Wind Project, I welcome Masdar as a partner. The new partner secures a strong partnership, adding value to the Dudgeon project,” said Statoil’s vice president and Chairman of the Dudgeon Board Halfdan Brustad.

“We believe Dudgeon will play an active role in the development and industrialization of the UK offshore wind industry. All partners bring significant experience into this project; offshore competence, power generation industry expertise and renewable energy experience,” Brustad concludes.

Dudgeon is one of the five offshore wind projects that signed an early Contract for Difference under the new system for low-carbon electricity generation. As well as being the first contracts awarded under the system, they mark a new stage in the growth of the sector, bringing green jobs and growth across the UK and supporting cleaner and more secure energy.

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Press release, September 24, 2014; Image:  Masdar