Masdar, RWE Invest in World’s Biggest Offshore Project in UK - Bloomberg
Masdar is taking a stake in RWE AG’s £11 billion ($13.9 billion) UK Dogger Bank South offshore wind farm, part of the world’s largest such project.
The UAE’s renewable energy firm is purchasing a 49% stake in the 3 gigawatt farm, a press statement said Friday. The closing of the transaction is subject to regulatory approvals and expected in the first quarter of 2024. Construction could start in late 2025, with the first 800 megawatts of electricity expected to come online by 2029, the release added.
The investment will boost the offshore wind sector, which has struggled both in the UK and globally, to fund large developments, with higher financing and component costs slowing the pace of installations. Danish wind farm giant Orsted A/S had to take huge writedowns connected to abandoned projects in the US and Norway and is under pressure to make a final investment decision on the 2.8-gigawatt Hornsea-3 wind farm off the coast of Norfolk, its largest development in the pipeline.
RWE, with its 51% stake, will remain in charge of the development, construction and operation throughout the life cycle of the projects, the statement said.
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