UAE-based renewable energy firm Masdar will own a 35% stake in the UK’s proposed Dudgeon Offshore wind farm through a £525m investment.

Norway’s Statoil will retain another 35% stake in the project while Statkraft will own the remaining 30%.

Masdar bought the stake from Statoil.

The 402MW wind farm is located 32km off the coast of Norfolk, the UK, and is expected to power more than 410,000 households once it becomes operational in 2017.

UK Energy and Climate Change Secretary Ed Davey said: “Masdar’s investment is a strong endorsement of the UK as the best place in the world to invest in offshore wind – and it shows the government’s plan for green growth is working.

“Since 2010 we have seen, on average, £7bn a year invested in renewables and we expect to see up to £50bn more between now and 2020.”

In July this year, the project achieved a milestone, when the Norwegian owners Statoil and Stakraft had made a final decision on investing £1.5bn into the project.

Masdar’s stake in Dudgeon is its second major investment in UK’s offshore wind energy market – the first being its 20% ownership in 630MW London Array project.

Masdar chairman Dr Sultan Al Jab said: “Combined with London Array, Dudgeon puts Masdar at the forefront of offshore wind development in the UK.

“It will significantly contribute to the expansion of the UK’s renewable energy capacity. It also reinforces the UAE and the UK’s shared commitment to drive the growth of the renewable energy sector.

“As the only OPEC nation supplying both traditional and renewable energy to international markets, the United Arab Emirates (UAE) is committed to accelerating the use of wind energy as an effective means of balancing the global energy mix as we move toward a sustainable, low carbon future.”