RWE has signed an agreement with Masdar as a new partner for its 3GW UK Dogger Bank South (DBS) offshore wind development projects.
Masdar will acquire a 49% stake in the landmark renewables projects while RWE, with a 51% share, will remain in charge of development, construction and operation throughout the life cycle of the projects.
Masdar reimburses RWE for 49% of Devex incurred to date and will co-develop the project.
The partners acknowledged the signing of the new partnership during a ceremony at COP28 in Dubai, marking a clear indication of the pair’s commitment to clean energy.
Masdar will join DBS at a key stage in the projects’ development, as they approach the end of consultation with stakeholders and communities ahead of submitting Development Consent Orders likely in the second quarter of 2024.
Construction could start as early as 2025, the first 800MW of electricity is planned to come online in 2029 with the aim to fully commission the projects by late 2031.
Closing of the transaction is subject to customary approvals and expected for the first quarter 2024.
Located in shallow waters in the North Sea over 100km from the east coast of England, DBS consists of two offshore wind projects, each 1.5GW in size.
Markus Krebber, CEO of RWE AG: “We’re delighted to welcome Masdar onboard as our partner and co-investor in the delivery of our Dogger Bank South projects which, at 3GW in size, make up RWE’s largest offshore wind development in the UK.
“With Masdar, we have a strong and renowned partner at our side who shares our ambition to further drive the growth of offshore wind energy. In combination with RWE’s many years of experience in the development, construction and operation of offshore wind farms, we are in an excellent position to strongly support the decarbonisation of the UK.”