UAE’s Masdar Acquires 49% Stake In The World’s Largest Wind Farm

The largest wind farm in the world, Dogger Bank South (DBS), is situated in the North Sea, about 60 miles off the coast of England. Masdar, the state-owned renewable energy company of the United Arab Emirates, has acquired a 49 per cent share in DBS.

The agreement, signed during the COP28 conference in Dubai, calls for a combined £11 billion investment from RWE, the German company in charge of the wind farm. RWE will continue to run the project and keep a 51% share. With a projected capacity of three gigawatts, the DBS wind farm could power three million homes in the UK and create about 3,000 jobs.

Under the direction of Sultan Al Jaber, the UAE’s minister of industry and president of COP28, Masdar highlighted the project’s potential to significantly reduce emissions and provide millions of UK households and businesses with affordable, clean energy. Starting by the end of 2025, construction will reach total operational capacity by the end of 2031, with the first 800MW expected to be operational by 2029.

The £10 billion UAE-UK Sovereign Investment Partnership, which focuses on infrastructure, technology, and the energy transition, aligns with this investment. It was signed in 2021.

With RWE CEO Markus Krebber expressing enthusiasm for the partnership to drive offshore wind energy growth and support the UK’s decarbonisation efforts, the agreement further solidifies the partnership between Masdar and RWE.

The agreement coincides with rumours that the UAE plans to use the COP28 conference to further energy-related contracts for Masdar and the government-owned oil and gas company ADNOC.

There were questions about Sultan Al Jaber’s purported plans to discuss business with almost thirty countries, particularly in light of possible conflicts of interest.

Plans to approach the UK government for support regarding Masdar’s participation in an additional wind farm off the coast of Sheringham, Norfolk, UK, were also revealed in the leaked documents. The deal is expected to close in the first quarter of 2024.

Reference: EnergyVoice, Power Technology

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