Masdar in search for more renewable energy projects in UK - report

(SeeNews) – Jul 5, 2013 – Abu Dhabi's renewables developer Masdar is looking for further investment opportunities in the UK, Middle East-focused daily The National said on Thursday, citing its CEO Sultan Al Jaber.

Following the start-up of the 630-MW London Array offshore wind park in the UK, the group is eager to develop more renewable energy projects in the country, according to Jaber. In May, the company sealed a memorandum of understanding (MoU) with UK Green Investment Bank to jointly pursue clean energy investments in the UK through 2020.

Masdar owns a 20% stake in the 630-MW phase one of the GBP-2.2-billion (USD 3.3bn/EUR 2.6bn) London Array offshore wind scheme near the coasts of Kent and Essex. It bought the stake back in 2008 from Royal Dutch Shell (AMS:RDSA, LON:RDSA), which withdrew from the project. Danish state-owned utility Dong Energy A/S is the major shareholder with a 50% stake and German utility E.ON SE (ETR:EOAN) has the other 30%.

The London Array was put on stream in December 2012 and inaugurated earlier this week. It includes 175 pieces of Siemens 3.6-MW machines, capable of generating enough electricity for half a million households a year. There is a proposal for a second phase of the project, seen to boost the array’s total capacity to nearly 1 GW.

(GBP 1.0 = USD 1.505/EUR 1.167)

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