UAE renewable energy giant Masdar has bought a 35% stake in an offshore wind project in the UK for £525 million.
The 402MW Dudgeon wind farm, located off the coast of Norfolk, is expected to produce enough electricity to power more than 400,000 homes.
Abu Dhabi based Masdar bought the stake from Norway’s Statoil, which will remain the operator and retain a 35% share. The other 30% is held by Norwegian firm Statkraft.
Dr. Sultan Al Jaber, Chairman of Masdar said: “The UAE is committed to accelerating the use of wind energy as an effective means of balancing the global energy mix as we move toward a sustainable, low carbon future.”
Energy Secretary Ed Davey welcomed the news as a “strong endorsement of the UK as the best place in the world to invest in offshore wind”.
The wind farm is scheduled to start producing electricity in 2017.
Masdar was also one of the investors in the world’s largest offshore wind farm – the London Array.