Masdar set to look at UK renewables sector
Agreement with UK Green Investment Bank to investigate new projects
Abu Dhabi’s Masdar has signed an agreement with the UK Green Investment Bank which will see the pair explore opportunities for project investment within the UK’s renewable energy sector. The Memorandum of Understanding (MoU) was signed during a state visit to the UK by HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE.
Under the agreement, the parties will look at opportunities to jointly invest in green infrastructure projects within the UK over a seven year period. The Green Investment Bank is a public company, with US $4.66 billion in funding from the UK government.
The agreement was signed by Masdar CEO, Dr Sultan Ahmed Al Jaber, and Green Investment Bank (GIB) CEO, Shaun Kingsbury.
“Masdar is pleased to be contributing to the UK’s renewable energy portfolio through the London Array and we are actively engaged in exploring new investment opportunities in the UK offshore wind and clean technology sectors,” Dr Al Jaber said.
Masdar’s stake in the London Array scheme – the largest offshore wind farm in the world – is valued at more than $500 million.
“This new MoU is a bold and exciting statement of intent. GIB and Masdar are new organisations – the first of their type in the world. We’ll be working together closely to bring investment to UK clean energy projects and to share our expertise and experience.
“At GIB, we are building an enduring institution; one that’s here for the long term. This relationship shows how we can act as a catalyst to bring in additional funds for UK clean energy projects to complement the support we’ve already received from the UK Government,” Shaun Kingsbury added.
UK Minister of Energy and Climate Change, Greg Barker, added: “This alliance is a big step in that direction, and a huge vote of confidence in the UK clean energy sector. But this agreement is about more than just money. Given the pioneering Low Carbon achievements of Masdar, it makes strong strategic sense too.”