now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk

Asia Connect
UK offshore wind project moves forward
Dogger Bank South will deliver 3GW of clean energy to benefit up to three million homes
Michael Marray 17 Jul 2024

German multinational energy group RWE and Masdar, Abu Dhabi’s state-owned renewable energy company, have secured a development consent order (DCO) from the UK Planning Inspectorate for the Dogger Bank South (DBS) Offshore Wind Farms, an important milestone in advancing one of world’s largest offshore wind projects.

The acceptance of the DCO application moves the project into the pre-examination phase, which will be subject to a public examination later this year.

The project, consisting of the DBS East and DBS West offshore wind farms, will be located in shallow waters on the Dogger Bank over 100 kilometres off the northeast coast of England.

Together, the wind farms will have about 200 turbines with a combined capacity of 3 gigawatts, capable of providing electricity for up to three million typical UK homes.

Investment by RWE and Masdar during development and construction is estimated to deliver an economic contribution (gross value added) to the United Kingdom of almost £1 billion (US$1.29 billion), including £400 million in the Humber region.

"We are delighted that, together with our partners RWE, we have taken this significant step toward advancing our offshore wind capacity in the UK, one of our key strategic markets," says Husain Al Meer, director of global offshore wind at Masdar. "We are thrilled to reach this pivotal point with the DBS Offshore Wind Farms."

"Our partnership with Masdar underscores our shared commitment to driving forward the UK's renewable energy agenda, supporting jobs and delivering substantial economic benefits to the region," adds Sven Utermöhlen, chief executive officer of RWE Offshore Wind. "The acceptance of our DCO application by the UK Planning Inspectorate is a testament to the hard work and dedication of our teams, and we look forward to progressing through the next phases.”

RWE will be leading the development, construction and operation of the project. The shareholding agreement between the companies, with RWE taking a 51% interest and Masdar acquiring the remaining 49% stake, was finalized in February 2024.

Following the DCO, the companies will secure contracts for difference, followed by financing and construction.

Conversation
Ganesh Padmanabhan
Ganesh Padmanabhan
managing director, head of project finance, institutional banking group
DBS
- JOINED THE EVENT -
9th Asia Sustainable Infrastructure Finance Leaders Dialogue
Building secure and future-ready infrastructure
View Highlights
Conversation
Sajal Kishore
Sajal Kishore
head of Asia-Pacific infrastructure & project finance
Fitch Ratings
- JOINED THE EVENT -
Fitch on Vietnam
Overcoming challenges, sustaining growth
View Highlights