Middle Eastern energy firm Masdar is to invest £525M in an offshore wind farm planned for British waters off the coast of Norfolk.
Abu Dhabi-owned Masdar will receive a 35% stake in the Dudgeon scheme, with Norwegian companies Statoil and Stakraft retaining 35% and 30% respectively.
The wind farm is expected to support 450 jobs, and could generate enough electricity to power more than 400,000 homes.
Energy and climate change secretary Ed Davey hailed the investment.
“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,” he said.
“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.”