Abu Dhabi-owned green energy firm Masdar is to invest £525 million in a 35% stake in the planned Dudgeon offshore wind farm, offshore England, alongside Norweigan partners Statoil and Stakraft.
Based 32km off the coast of north Norfolk, the wind farm will have a maximum 402MW capacity and could generate enough electricity to power approximately 410,000 homes, according to the UK Government. It is expected to start generating electricity in 2017.
Earlier this year, Siemens announced that it is investing £310 million to build two offshore wind manufacturing plants in Hull, on the east coast of England. The developers hope that some of the turbines at Dudgeon will come from these factories.
Energy and Climate Change Secretary Ed Davey said: “Since 2010 we have seen, on average, £7 billion a year invested in renewables and we expect to see up to £50 billion more between now and 2020.”
In early July, the wind farm's developers announced that they had made a final investment decision to go ahead, investing £1.5 billion into UK offshore wind.
Masdar was also one of the investors in the world’s largest offshore wind farm, the London Array, three years before it was built.
The two Norwegian energy companies, Statoil and Statkraft, acquired the Dudgeon Offshore Wind Farm project in October 2012 through the acquisition of all the shares in Dudgeon Offshore Wind Limited, a subsidiary of the UK energy company Warwick Energy.