Masdar and GIB renewables agreement a 'huge vote of confidence'
Abu Dhabi-based renewable energy company Masdar and the UK Green Investment Bank (GIB) have signed a Memorandum of Understanding (MoU) to explore project investment opportunities in the UK's clean energy sector.
Under the MoU, signed at Buckingham Palace, Masdar and the GIB will consider opportunities to jointly invest in green infrastructure projects in the UK over the next seven years.
The MoU was the initiative of UK Energy and Climate Change Minister, Greg Barker, who claimed the creation of the GIB was one of the Government's key green achievements.
He said: "Initially capitalised with a huge injection of £3bn, 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. But this agreement is about more than just money. Given the pioneering Low Carbon achievements of Masdar, it makes strong strategic sense too."
Masdar has already invested more than £500m through its equity stake in the UK's London Array, the world's largest offshore wind farm and Masdar CEO, Ahmed AL Jaber, claimed the new alliance unlocked the potential for further investment.
"The United Arab Emirates and the United Kingdom have already forged a strong bond in the advancement of clean energy. This collaborative investment effort will not only strengthen those ties, it has the potential to pay healthy dividends for both countries," said Al Jaber.
"Masdar is pleased to be contributing o 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."