Abu Dhabi-based Masdar has completed its acquisition of a 49 per cent shareholding in the 3 GW Dogger Bank South (DBS) offshore wind project in the UK. RWE will lead the project’s development, construction, and operation with a 51 per cent stake over the entire term.
Masdar and RWE signed an agreement to join forces on the DBS projects at COP28 in the UAE last December. With the closing of the transaction, Masdar is now a shareholder in both projects, while RWE retains a 51 per cent stake.
Located over 100 kilometres off the northeastern coast of England, the DBS offshore wind farm will be split across two sites, DBS East and DBS West, each with a capacity of 1.5 GW and spanning 500 square kilometres.
The next development milestone for the projects will be the submission of applications for Development Consent Orders, expected to be during the second quarter of 2024, said RWE. If successful, the next steps would be to secure Contracts for Difference (CfD), followed by financing, construction, and finally commissioning by 2031.
“We’re delighted to have completed this transaction which is of great importance for the further development of offshore wind in the UK, one of our core strategic markets. Together with Masdar we aim to deliver 3 gigawatts of new offshore wind capacity and make a significant contribution to the decarbonisation of the UK’s energy system,” said Markus Krebber , Chief Executive Officer of RWE.
RWE entered into agreements for lease for the DBS projects with the Crown Estate in January 2023.
Construction on the projects could start as early as the end of 2025, with the first 800 MW of electricity planned to come online in 2029.
When it comes to Masdar, the company is aiming for a renewable energy portfolio capacity of 100 GW by 2030.
“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 , Masdar’s Chief Executive Officer.