Today, Masdar and the UK Green Investment Bank plc (GIB) signed a Memorandum of Understanding (MoU) to explore project investment opportunities in the UK’s clean energy sector. The MoU was signed on the occasion of a state visit to the UK by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), at an event hosted by HRH Prince Andrew, the Duke of York, at Buckingham Palace.
Dignitaries attending the signing included His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince Court; His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Department of Civil Aviation, CEO and Chairman of The Emirates Group, and Chairman of Dubai World; His Excellency Khaldoon Khalifa Al Mubarak Chairman of the Executive Affairs Authority and CEO of the Mubadala Development Company; His Excellency Abdul Rahman Ghanem Al Mutaiwee, United Arab Emirates Ambassador to the United Kingdom; His Excellency Greg Barker, UK Energy and Climate Change Minister; and His Excellency Dominic Jeremy, United Kingdom Ambassador to the United Arab Emirates.
Under the MoU, the two parties will consider opportunities to jointly invest in green infrastructure projects in the UK over the next seven years. Together, they will introduce potential investment opportunities to one another and other potential investors. There is no change to the governance of both parties as joint investments will be made and managed independently.
The MoU was signed by Masdar CEO Dr. Sultan Ahmed Al Jaber and GIB CEO Shaun Kingsbury. “The United Arab Emirates and the United Kingdom have already forged a strong bond in the advancement of clean energy,” said Dr. Sultan Ahmed Al Jaber, CEO of Masdar.
This collaborative investment effort will not only strengthen those ties, it has the potential to pay healthy dividends for both countries. “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 Dr. Al Jaber.
Masdar has already independently invested over £500 million through its equity stake in the UK’s London Array, the world’s largest offshore wind farm. This new alliance unlocks the potential for further investment. “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 Shaun Kingsbury, CEO of GIB. “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.
The MoU was the initiative of UK Energy and Climate Change Minister, Greg Barker, who said: “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.”