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FINANCIAL NEWS
Masdar signs in for mega wind project in Britain
25 Sep 2014
(MENAFN) Masdar, the Abu Dhabi energy company, announced it is partnering with Norwegian firms Statoil and Statkraft to join a multi-billion dollar offshore wind farm project in Britain, Gulf Daily News reported.
The farm, which is set to produce clean power for about 410.000 homes in Britain, is scheduled to start construction in 2016, while full operations expected to begin in late 2017.
Masdar said it would take a 35 percent stake, set to be worth USD858 million, in the USD2.5 billion project, with Statoil also holding a 35 percent stake, while Statkraft, Europe’s largest producer of renewable energy, will own the remaining stake.
This is Masdar’s second major investment in the British offshore wind energy market, after it acquired a 20 percent stake in the 630 megawatt London Array project, the world’s largest offshore wind farm.
“As the only Opec nation supplying both traditional and renewable energy to international markets, the UAE is committed to accelerating the use of wind energy as an effective means of balancing the global energy mix,” Masdar said in a statement.
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