UAE’s renewable energy company Masdar has pledged to spend £1 billion on battery storage projects in the UK.

In the opening session of the second day of International Energy Week, Mohamed Jameel Al Ramahi, Chief Executive of Masdar said: “I would like to announce that we are committed just to battery storage here in the UK to deploy a billion pounds across the UK to accelerate.

“We need a little bit more accelerating permits and production points to help us deploy this capital. The (battery storage) technology will always become more and more efficient.

“The UK is our global hub of offshore wind and it is our global hub for battery storage,”

Speaking to Energy Institute’s Vice President and Founder of Octopus Greg Jackson, Mr Al Ramahi added that Masdar would like to work with Octopus as he is “impressed” with the group’s work in the sector.

Mohamed Jameel Al Ramahi said: “I am really excited to be sitting next to you, you are my superhero, doing great work and me and the whole team, we really have a huge appreciation for what Greg has done over the past years.”

The boss of Masdar also said that “COP28 will be important for the stock count”.

He said: “Last year has been an extraordinary year in terms of investing. To progress, we need to understand where we are, and it looks like we are not on track. There’s a lot to do, but I can guarantee that the UAE will achieve its net zero target.”