Demonstrating that renewable energy is on the rise the world over, a company from the oil-rich United Arab Emirates recently bought a stake in a $2.5 billion offshore wind farm project in the United Kingdom. Abu Dhabi-based Masdar bought a 35 percent stake in the 402 Megawatt Dudgeon wind farm project located off the coast of Norfolk in Eastern England, worth a total of more than $850 million – along with Norway’s Statoil and Statkraft, which own 35 and 30 percent respectively.
As the only OPEC nation supplying both traditional and renewable energy to international markets, the UAE is committed to accelerating the use of wind energy as an effective means of balancing the global energy mix as we move forward to a sustainable, low carbon future, said Dr. Sultan Al Jaber, chair of Masdar – Abu Dhabi’s renewable energy company.
It’s fitting that officials from the various companies, along with the UK Secretary of State for Energy and Climate Change announced the investment on the sidelines of the United Nations Climate Change Summit currently taking place in New York. This is Masdar’s second major investment in UK wind energy, after its purchase of a 20 percent stake in the 630 Megawatt London Array – the world’s largest offshore wind farm.
“Combined with the London Array, Dudgeon puts Masdar at the forefront of offshore wind development in the UK,” Dr. Al Jaber said. “It will significantly contribute to the expansion of the UK’s renewable energy capacity. It also reinforces the UAE and the UK’s shared commitment to drive the growth of the renewable energy sector.”
When it’s all said and done, Dudgeon is expected to provide electricity for about 410,000 homes in the UK. Construction is slated to begin in 2016 and the power should start flowing by 2017.