UAE-based renewable energy company Masdar has acquired a 35 percent stake in a £1.5 billion ($2.5 billion) offshore wind project in eastern England, the company said on Wednesday, expanding its presence in Britain.
Masdar bought the £525 million ($860 million) stake in the 402 megawatt (MW) project from Norway's Statoil, which will remain the operator and retain a 35 percent share, Masdar said in a statement.
The remaining 30 percent is held by Norwegian renewable energy company Statkraft.
Construction of the wind farm off the Norfolk coast is scheduled to start in 2016, with the project expected to be fully operational in late 2017. It will provide energy to approximately 410,000 households in Britain.
This is Masdar's second big investment in the British offshore wind energy market. The company also has a 20 percent stake in the 630 MW London Array project, the world's biggest offshore wind farm.For all the latest energy and oil 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.