Abu Dhabi is said to be planning a scorching amount of investment with the Green Investment Bank (GIB) in the UK’s clean energy sector.
Tomorrow Masdar, Abu Dhabi’s state-backed renewable energy company will sign a Memorandum of Understanding with the GIB during a state visit to the UK by President of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahyan at Buckingham Palace. DECC has been unable to confirm the figure but press reports suggest it could be as much as £1billion.
Masdar has already invested over £500 million through its stake in the UK’s London Array, the world’s largest offshore wind farm. The Green Investment Bank began lending money this year and in total has £3billion to encourage firms to spend on green energy and efficiency technology.
Now the two will look at ways to jointly invest in green infrastructure projects in the UK over the next seven years.
Climate Change Minister Greg Barker said the alliance was a “huge vote of confidence” in the UK clean energy sector, adding: “This agreement is about more than just money. Given the pioneering Low Carbon achievements of Masdar, it makes strong strategic sense too”.