UAE’s Masdar Acquires 49% Stake In The World’s Largest Wind Farm
The largest wind farm in the world, Dogger Bank South (DBS), is situated in the North Sea, about 60 miles off the coast of England. Masdar, the state-owned renewable energy company of the United Arab Emirates, has acquired a 49 per cent share in DBS.
The agreement, signed during the COP28 conference in Dubai, calls for a combined £11 billion investment from RWE, the German company in charge of the wind farm. RWE will continue to run the project and keep a 51% share. With a projected capacity of three gigawatts, the DBS wind farm could power three million homes in the UK and create about 3,000 jobs.
Under the direction of Sultan Al Jaber, the UAE’s minister of industry and president of COP28, Masdar highlighted the project’s potential to significantly reduce emissions and provide millions of UK households and businesses with affordable, clean energy. Starting by the end of 2025, construction will reach total operational capacity by the end of 2031, with the first 800MW expected to be operational by 2029.
The £10 billion UAE-UK Sovereign Investment Partnership, which focuses on infrastructure, technology, and the energy transition, aligns with this investment. It was signed in 2021.
With RWE CEO Markus Krebber expressing enthusiasm for the partnership to drive offshore wind energy growth and support the UK’s decarbonisation efforts, the agreement further solidifies the partnership between Masdar and RWE.
The agreement coincides with rumours that the UAE plans to use the COP28 conference to further energy-related contracts for Masdar and the government-owned oil and gas company ADNOC.
There were questions about Sultan Al Jaber’s purported plans to discuss business with almost thirty countries, particularly in light of possible conflicts of interest.
Plans to approach the UK government for support regarding Masdar’s participation in an additional wind farm off the coast of Sheringham, Norfolk, UK, were also revealed in the leaked documents. The deal is expected to close in the first quarter of 2024.
Reference: EnergyVoice, Power Technology
Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
About Author
Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.
About Author
Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.
Do you have info to share with us ? Suggest a correction
- U.S. Coal Exports Witness Sharp Drop After Francis Scott Key Bridge Collapse In Baltimore
- Ukrainian Forces Strike Russian Naval Missile Carrier In Baltic Sea
- Bangladesh To Rescue 23 Crew Of Hijacked Ship MV Abdullah This Month From Somali Pirates
- Enterprise Products Partners Granted MARAD Port License For Biggest Offshore Oil Export Terminal In U.S.
- U.S. Navy Cruiser Seizes 2370 Kilos Of Cocaine From A Semi-Submersible Boat In The Atlantic
- Titan Clean Fuels & STX Group Conduct Largest Ship-To-Ship Delivery Of LBM To Hapag-Lloyd’s Container Ship
Latest Shipping News Articles You Would Like:
Subscribe To Our Newsletters
By subscribing, you agree to our Privacy Policy and may receive occasional deal communications; you can unsubscribe anytime.
Web Stories
