British Prime Minister Rishi Sunak recently celebrated receipt of an £11 billion investment agreement between the United Arab Emirates renewables company Masdar and Germany’s RWE after he attended the COP28 conference in Dubai.
News of the covenant for the joint investment, for what is planned to be the largest wind farm in the world, comes at an important time for the renewables and offshore wind sector. This movement has been taken as a sign of confidence for the struggling industry from foreign investors.
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Now under the terms of the new compact, which was signed off at the recent meeting, Masdar (also known as the Abu Dhabi Future Energy Company PJSC) has agreed to buy a 49 percent stake in 3 GW Dogger Bank South projects of RWE. The organisations involved stated they would now commit an £11 billion investment in Britain’s renewable energy sector. However, the company RWE will continue to hold a 51 per cent stake in the colossal project and be responsible for oversight of its development.
Addressing reporters at COP28, PM Sunak called the project a “huge boost for UK renewables”. At present, Britain remains Europe’s leader in the offshore wind energy sector, however on the international stage, China is now at the forefront.