British Prime Minister Rishi Sunak announced plans by the UAE's state-owned renewable energy firm Masdar and German energy giant RWE to invest up to 11 billion pounds ($14 billion) in a giant offshore wind farm, AFP reported.
The joint investment plans will help erect turbines at the huge Dogger Bank site in Britain's North Sea, he said at the COP28 climate talks in Dubai.
A long-planned offshore wind farm off the Yorkshire coast in northern England will be the world's largest, the UK government has claimed.
Several other multinational companies are involved in the ventures.
"I am delighted to announce the new deal between Masdar and RWE, which includes a commitment to jointly invest up to £11bn in the new Dogger Bank wind farm in the UK," said Sunak.
"This is a huge boost for renewables in the UK, which will create more jobs, help power three million homes and increase our energy security," he told a COP28 press conference.
Masdar will buy a 49 percent stake in RWE's 3.0 gigawatt (GW) projects at Dogger Bank South, the two companies said.
The southern section could power three million ordinary homes, creating 2,000 jobs during construction and over 1,000 direct and indirect roles during the operational phase, the company added.
The financial deal is expected to close in the first quarter of next year, the UAE state-owned enterprise noted. /BGNES
