£11 billion plan for wind farms unveiled at COP28
A deal to build one of the world’s biggest offshore wind farms in British waters has been announced at the COP28 climate summit.
Construction on the £11 billion project involving the Abu Dhabi state-controlled Masdar and RWE, of Germany could start in 2025, with first electricity generated in 2029, assuming it secures planning and subsidy backing.
Masdar is acquiring a 49% stake in the twin Dogger Bank South projects more than 60 miles off the east coast of England for an undisclosed sum.
Prime Minister Rishi Sunak, who is promoting the UK as a leader in the transition to renewables, described the proposed 3GW development as “a huge boost for UK renewables, creating more jobs, helping to power three million homes and increasing our energy security”.
Mr Sunak wants to raise Britain’s offshore wind output from the current 14GW to 50GW by 2030, although soaring costs caused one big project to be scrapped and a subsidy auction to procure new projects this year failed to attract any bidders.
The government said it will increase the subsidies on offer in next year’s auction in order to underpin projects.