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Brexit could impact Masdar’s decisions in Europe

The company is still monitoring the full weight of the referendum results in UK, but believes its future investments decisions may be affected

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Mohammad Jameel Al Ramahi, Masdar CEO
Mohammad Jameel Al Ramahi, Masdar CEO

The recent move by Britain to exit the European Union could affect future investments in Europe by Abu Dhabi renewable company, Masdar, its CEO said on Monday.

“Europe is a very attractive market for renewables and still holds great potential for us, but the decision by Britain to exit the European Union may impact our investment decisions in the future,” said Mohammad Jameel Al Ramahi, Masdar CEO.

He said that the company was still monitoring the situation to assess the full impact of the decision, especially on UK, where the company says it has “a natural edge.”

“We are carefully monitoring the situation in UK and Europe. It is too early to determine the direction that we will be taking,” said Al Ramahi.

Masdar has invested in several British and European clean-energy projects including London Array, the world’s largest offshore wind farm.

Its list of European projects in the pipeline include a second offshore wind farm in the UK, though the company says it sees much of its future growth in the Middle East and North Africa.

Bader Al Lamki, director of clean energy at Masdar said that the current focus of the company in terms of capital deployment would be in the GCC and the MENA region.

“We are very positive about this region and it remains our main focus at the moment,” said Al Lamki.

 

A consortium led by Masdar was earlier announced the winner of the 800MW pv solar project, the third phase of the Mohammed bin Rashid Al Maktoum solar park in Dubai.

 

The company said that it would need $800mn to fund the project and was in talks with at least three local banks, Abu Dhabi banks National Bank of Abu Dhabi (NBAD), FGB and Union National Bank to raise the funds.

Masdar consortium is also speaking with regional and international banks for the finance, which is expected to close by December

The consortium will generate electricity at cost of 2.99 cents kilowatt-hour, the cheapest price for solar generated power in the world.

 

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