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Mon 27 Jun 2016 06:50 PM

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Masdar CEO says Brexit will not impact its UK investments

Mohamed Jameel Al Ramahi says energy company will continue to invest in the UK in the foreseeable future

Masdar CEO says Brexit will not impact its UK investments
Mohammed Jameel Al Ramahi, CEO of Masdar.

The recent decision by Britain to leave the European Union (EU) will not have any implications on Masdar's UK investments, said its chief executive officer (CEO).

Mohamed Jameel Al Ramahi, who was appointed CEO of Masdar in February 2016, said in comments published by Construction Week Online that the company will continue to invest in the UK in the foreseeable future.

In the UK, Abu Dhabi’s renewable energy company Masdar is a co-owner of the 630MW London Array, the world’s largest offshore wind development, currently in operation, inaugurated in July 2013.

Masdar has also partnered with Norway’s Statoil and Statkraft in a 402 MW offshore wind farm project, off the Norfolk coast in Eastern England. Masdar acquired a 35% stake in the project from Statoil.

He said: "We are monitoring the Brexit very closely. The decision will have no real impact on our significant UK investments, it will give us a natural edge." 

The company also has a portion of its investments in the renewable sector in Europe.

Ramahi said: "We have operational assets in Europe, and also several projects in the pipeline there. The whole market, including us, is studying the situation very closely.

"Further decisions will be made depending on the prevailing market situations."

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