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Following the COP28 announcement in Dubai, RWE and Masdar have finalized their deal, with Masdar now owning 49% of the UK’s Dogger Bank South projects. Together, they will advance these key projects, with RWE leading development, construction, and operation.
Situated in the North Sea, the projects aim to deliver 3GW of offshore wind power, potentially powering 3 million UK homes. The next milestone involves applying for Development Consent Orders, expected in Q2 2024, followed by securing Contracts for Difference, financing, construction, and commissioning by 2031.
Markus Krebber, CEO of RWE, said, “We’re delighted to have completed this transaction which is of great importance for the further development of offshore wind in the UK, one of our core strategic markets. Together with Masdar we aim to deliver 3 gigawatts of new offshore wind capacity and make a significant contribution to the decarbonisation of the UK’s energy system. We are looking forward to the RWE and Masdar teams jointly taking forward these flagship projects.”
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, added, “The addition of the Dogger Bank South project demonstrates our commitment to developing Masdar’s offshore wind capacity and expertise as an important component in our pursuit of the target of 100 GW renewable energy portfolio capacity by 2030. We look forward to a successful collaboration with RWE over the years to come.”
