Developers behind one of the world’s largest offshore wind farms, including Abu Dhabi's Masdar, on Friday announced £1.3 billion in financing for the project.
The long-term financing will fund the capital requirements of the 402-megawatt (MW) Dudgeon Offshore Wind Farm, currently under construction 32 kilometres out to sea from the North Norfolk coast of East England.
Dudgeon is being developed by the Norwegian oil & gas company Statoil (35 percent), Abu Dhabi’s renewable energy company Masdar (35 percent), and Norway’s state-owned electricity company Statkraft (30 percent).
“The completion of the Dudgeon wind farm will bring Masdar’s gross installed clean energy capacity in the UK to more than 1 gigawatt, further evidence of our growing international footprint and the strength of our commitment to the UK renewable energy industry,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Dudgeon is the first UK offshore wind project to obtain financing under the UK government’s Contract for Difference (CfD) scheme.
“Closing such a significant phase of the project’s development so swiftly illustrates the energy industry’s confidence in the long-term potential of offshore wind, and the increasing sophistication of financing models available to the sector,” said Halfdan Brustad, chairman of Dudgeon Offshore Wind Limited.
On schedule to begin commercial operations by the second half of 2017, Dudgeon will deliver annual production of 1.7 terawatt-hours (TWh) of electricity, the combined output of 67 wind turbines.
That is sufficient clean energy to power an estimated 410,000 UK homes and displace 893,000 tonnes of carbon dioxide annually.
The project is already more than half-completed, with the first turbine monopile installed in early April, and construction of the wind farm’s 1,000-tonne offshore substation under way.
Elsewhere in the UK, Masdar is a co-owner of the 630MW London Array, the world’s largest offshore wind development currently in operation, inaugurated in July 2013. The company’s investments in wind power also span projects in the Middle East, North Africa and the Pacific Islands.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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