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Masdar snaps up 49% of Dogger Bank South: UAE renewables firm Masdar has finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE, according to a statement released on Thursday. This comes as part of Masdar’s larger GBP 11 bn joint investment ticket into UK renewables. The investment ticket of Masdar's stake was not disclosed.
What we know: Masdar and RWE agreed to co-develop the Dogger Bank South wind farm during COP28 with construction expected to start as early as 2025. The wind farm will be split across two sites with 1.5 GW of capacity each. The first 800 MW of electricity is expected to come online in 2029, while full commissioning is scheduled for late 2031. The wind farm will have the capacity to supply green electricity to 3 mn UK homes, according to the statement.
Who’s doing what? RWE — which stands as the world's second-largest offshore wind power generation and Europe's third-largest company in renewable energy — will retain a 51% share in the projects and will be responsible for managing the development, construction and operation of the wind farms throughout their life cycle, while Masdar will be “involved in the co-development of the projects,” Power Technology said.
What’s next? The next step in developing the project will be submitting development consent orders applications in 2Q 2024, the statement said. Once approved, the projects will proceed to secure contracts for difference and obtain financing in order to begin construction.
Not Masdar’s first green venture in the UK: Masdar and RWE are also operating the 630 MW London Array offshore wind farm. Masdar Arlington Energy — a subsidiary of renewables energy giant Masdar it acquired in 2022 — broke ground on two battery energy storage systems in the UK as part of a GBP 1 bn investment program last week.
The purchase follows a similar investment by Masdar in Spain’s Iberdrola: Masdar acquired a 49% stake in Spanish utility provider Iberdrola’s EUR 1.6 bn, 476 MW Baltic Eagle offshore wind farm off the coast of Germany in July. Baltic Eagle is currently being built off Germany’s northeastern coast and will comprise 50 wind turbines. The project is slated to kick off initial operations by the end of this year.
