United Kingdom – RWE and Masdar have finalized their transaction concerning the UK Dogger Bank South (DBS) projects.
The agreement, announced at COP28 in Dubai last December, sees Masdar acquiring a 49% stake in the DBS projects, with RWE retaining a majority stake of 51%. The completion of the transaction marks the beginning of a joint effort by RWE and Masdar to advance the DBS projects. RWE, as the majority stakeholder, will lead the development, construction, and operation of the projects, while Masdar brings its expertise and commitment to renewable energy to the table. Together, the two companies aim to deliver 3 gigawatts of new offshore wind capacity, contributing substantially to the decarbonization of the UK’s energy system.
Dogger Bank South
Situated in the shallow waters of the North Sea, approximately 100 km off the east coast of England, the DBS projects comprise two offshore wind farms with a combined estimated capacity of 3 gigawatts. Once operational, DBS has the potential to power up to 3 million typical UK homes with clean electricity, making a significant contribution to the country’s net-zero goals.
The next crucial milestone for the DBS projects is the submission of applications for Development Consent Orders, expected in the second quarter of 2024. Success in obtaining these orders will pave the way for securing Contracts for Difference (CfD), followed by financing, construction, and eventual commissioning by 2031.
