Germany's RWE has entered into a partnership with Masdar, the UAE’s prominent clean energy developer, to co-develop a colossal 3-gigawatt (GW) wind project situated off the coast of Britain, capable of supplying approximately 3 million households, as announced by the companies on Friday.
The joint commitment to invest up to £11 billion ($13.9 billion) in the project was declared by British Prime Minister Rishi Sunak during the COP climate conference in Dubai earlier on the same day.
As the world's second-largest offshore wind market, trailing only China, Britain aims to enhance its capacity to 50 gigawatts (GW) by 2030, a significant rise from the current 14 GW. This strategic move aligns with the nation's climate objectives and aims to fortify energy security.
The construction phase for the Dogger Bank South offshore wind project, situated in the North Sea, is anticipated to commence in 2025. The project is projected to generate approximately 800 megawatts of power by 2029, with full capacity anticipated by late 2031, according to RWE.
The collaborative project, in which RWE holds a 51% stake and Masdar a 49% stake, comprises two 1.5 GW wind farms. While RWE has not disclosed specific project costs, Masdar has outlined that its decision to acquire the 49% stake is part of an £11 billion investment in Britain's renewable sector.