Gulf Development Public Company Limited has established a new wholly owned subsidiary in the UK, Gulf Energy Development Limited (GUK), to support its operations and business development activities across the UK and Europe.
According to the company, GUK was incorporated on 18 May and will serve as a regional hub for investment management, business development and strategic partnerships in the energy and infrastructure sectors.
Gulf Development said the move supports its long-term European growth strategy and existing renewable energy investments in the region, including stakes in the operational Borkum Riffgrund 2 offshore wind farm in Germany and the 1.5 GW Outer Dowsing offshore wind project in the UK.
The company entered the European offshore wind market in 2020 through the acquisition of a 50 per cent stake in the 465 MW Borkum Riffgrund 2 offshore wind farm from Global Infrastructure Partners. Ørsted retained the remaining 50 per cent stake in the German offshore wind project.
Located off the coast of Lower Saxony, Borkum Riffgrund 2 features 56 Vestas V164-8.3 MW turbines and has been in commercial operation since 2019.
In 2023, Gulf acquired a 24.99 per cent indirect stake in the 1.5 GW Outer Dowsing offshore wind project in the UK through a joint venture with Macquarie’s Green Investment Group. TotalEnergies holds the remaining 50 per cent stake in the project.
Planned to be built at a site located 54 kilometres off the Lincolnshire Coast, the Outer Dowsing offshore wind farm was granted development consent at the beginning of this year.