RWE and Masdar have closed their transaction announced at COP28 in Dubai for Masdar to acquire a 49% stake in the 3GW Dogger Bank South offshore wind projects in the UK.
The companies are now working together to push ahead with the implementation.
RWE will take over the development, construction and operation of the projects with a 51% stake over the entire term.
The next milestone in the development of the schemes will be the submission of permit applications, expected to take place in the second quarter of 2024.
If successful, the next steps will be to secure Contracts for Difference (CfD), followed by financing, construction and finally commissioning by 2031.
RWE chief executive Markus Krebber said: “We are very pleased about the successful completion of this transaction.
“It is of great importance for the further development of offshore wind energy in the UK, one of our strategic core markets.
“Together with Masdar, we aim to build 3GW of offshore wind capacity and thus contribute to the decarbonisation of the UK energy system.
“We look forward to the teams from RWE and Masdar driving Dogger Bank South forward together.”
Masdar chief executive Mohamed Jameel Al Ramahi added: “The investment in Dogger Bank South underscores our ambition to expand our offshore wind capabilities and Masdar’s expertise in this area.
“This investment is an important milestone towards our goal of building 100GW of renewable energy capacity by 2030. We look forward to a successful collaboration with RWE in the coming years.”
“The two projects, collectively known as Dogger Bank South, are located on the Dogger Bank, in shallow waters in the North Sea, more than 100km from the north-east coast of England.”