Masdar, RWE ink deal to explore global offshore wind development

The two companies are partners in a wind project in London.

Abu Dhabi-based Masdar and Germany-based RWE Renewables entered a memorandum of understanding (MOU) to collaborate on developing offshore wind projects in key markets.

In a statement, Masdar said it has been working with RWE as shareholders in the London Array Project which has been operational since 2012. The wind project has a capacity of 630 megawatts and can provide power to over half a million homes and avoid almost one million tonnes of carbon dioxide emissions annually.

“By leveraging our two companies’ extensive expertise in this sector, we can help other nations to meet their offshore wind targets, transition to clean energy sources, and meet their net-zero objectives,” said Masdar CEO Mohamed Jameel Al Ramahi.

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Masdar noted that several markets have ambitious renewable build-out targets like the largest offshore wind market, the UK, which aims to reach 50 gigawatts by 2030, and the US which plans to deploy 30GW of offshore wind by 2030.

It also noted that South Korea aims to reach 20GW of offshore wind capacity by the end of the decade in line with its carbon neutrality goal by 2050.