The UK Green Investment Bank and the United Arab Emirates Masdar have inked a new agreement that will see the UAE-based company work toward new investment opportunities in the United Kingdom, taking their expertise in renewable energy to Britain.
According to a statement issued by the UK Green Investment Bank, Masdar and the bank will “jointly invest in green infrastructure projects in the UK over the next seven years.”
The ultimate goal is to use Masdar’s success in developing new strategies for energy saving in the UAE, including but not limited to, solar energy and wind power, to the British Isles. Both sides will be tasked with introducing each other to potential investors.
“The United Arab Emirates and the United Kingdom have already forged a strong bond in the advancement of clean energy,” said Masdar CEO Sultan Ahmed Al Jaber, in a statement. “This collaborative investment effort will not only strengthen those ties, it has the potential to pay healthy dividends for both countries.”
Neither side will be forced to pay for introductions and a cost-share arrangement has been made for any potential and future investment agreements signed by either side.
“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,” added Al Jaber.
Masdar is no stranger to the UK, having already put forward over 500 million British pounds for the London Array, an offshore wind farm currently the largest in the world.
“This new MoU is a bold and exciting statement of intent. GIB and Masdar are new organisations – the first of their type in the world,” said CEO of GIB Shaun Kingsbury. “We’ll be working together closely to bring investment to UK clean energy projects and to share our expertise and experience.
“At GIB we are building an enduring institution; one that’s here for the long term. This relationship shows how we can act as a catalyst to bring in additional funds for UK clean energy projects to complement the support we’ve already received from the UK Government,” added Kingsbury.
UK Energy and Climate Change Minister Greg Barker has praised the new agreement and hopes it will help propel the UK into new alternative and renewable sources of energy for years to come.
“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. But this agreement is about more than just money. Given the pioneering Low Carbon achievements of Masdar, it makes strong strategic sense too.”