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Abu Dhabi's Masdar has signed an agreement with the UK Green Investment Bank (GIB), which will see both organisations explore opportunities for project investment within the UK's renewable energy sector
The MoU was signed during UAE President HH Sheikh Khalifa bin Zayed Al Nahyan’s UK visit.
Under the agreement, the parties will look at opportunities to jointly invest in green infrastructure projects within the UK over a period of seven years.
The agreement was signed by Masdar CEO Sultan Ahmed Al Jaber and Green Investment Bank CEO Shaun Kingsbury.
Al Jaber said, “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.”
Masdar’s stake in the London Array scheme – the largest offshore wind farm in the world – is valued at more than US$500mn.
UK energy minister 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.”