The offshore wind farm will support 450 jobs and is expected to generate enough electricity to power approximately 410,000 homes while offering hundreds of millions of pounds of investment into the UK’s economy.
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, £7 billion a year invested in renewables and we expect to see up to £50 billion more between now and 2020."
Scheduled to commence operations in 2017, the 402MW Dudgeon is a fully consented wind farm located 32km off the coast of the seaside town of Cromer in North Norfolk.
The wind facility was acquired by the two Norwegian energy companies, Statoil and Statkraft, in October 2012 through the acquisition of all the shares in Dudgeon Offshore Wind Limited, a unit of the UK energy company Warwick Energy.
In July, the project achieved a milestone, when the developers had made a final investment decision to invest £1.5bn into the project.
Earlier, the Abu Dhabi firm invested in London Array project, an offshore wind farm in the UK.
Image: The power generated at the Dudgeon offshore wind farm will be transmitted to the National Grid at Necton. Photo: courtesy of Dudgeon Offshore Wind Farm.
