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.