Abu Dhabi-based utility Masdar has closed a deal to buy a 49% stake in German counterpart RWE’s 3GW UK offshore wind cluster, Dogger Bank South.
Masdar now owns 49% of the project – which is due to consist of two 1.5GW wind farms off the coast of north-east England – while RWE retains a 51% stake.
The pair plan to jointly invest £11 billion (€12.85 billion) in Dogger Bank South.
They plan to apply for permitting approval in the second quarter of 2024.
The partners would still need to secure an offtake agreement via the UK’s contracts for difference tender scheme, complete financing and construction, ahead of commissioning by 2031.
Construction could start before the end of 2025, with an initial 800MW of capacity fully operational by the end of 2029, they added.
RWE and Masdar had initially announced the deal at the COP28 climate conference in Dubai.
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