Abu Dhabi to invest $1.5bn in UK green energy

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abu Dhabi on Wednesday will sign a deal to invest a reported $1.5bn in the UK alternative energy market, the UK’s Department of Energy & Climate Change has confirmed.

The deal, to be signed between the British government’s UK Green Investment Bank (GIB) and Masdar, Abu Dhabi’s state-backed renewable energy company, will be signed at an event at Buckingham Palace and will be one of the business highlights of the official state visit to the UK by the UAE president. UK media reports claim the deal will be worth around $1.5bn and will cover a range of green infrastructure projects over the next seven years.

“The creation of the Green Investment Bank is one of the Coalition Government’s key green achievements. Initially capitalised with a huge injection of £3 billion, we always intended this brand-new financial institution to act as a catalyst to attract other finance into the UK Low Carbon economy.”

“This alliance is a big step in that direction, and a huge vote of confidence in the UK clean energy sector,” said Masdar CEO Dr. Sultan Ahmed Al Jaber.

“This new Memorandum of Understanding (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,” added GIB CEO Shaun Kingsbury.

Masdar already has interests in the sector through its £500m ($775m) investment in the UK’s London Array, the world’s largest offshore wind farm.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi king keeps close hand on oil in remodelling strategic team

Saudi king keeps close hand on oil in remodelling strategic team

King is clearly laying the ground for a generational shift in...

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Experts have put the vital industry on high alert as the threat...

Saudi Arabia adds to oil power with new refineries

Saudi Arabia adds to oil power with new refineries

Two state-of-the-art plants set to redefine Gulf kingdom's role...

Most Discussed