The United Kingdom represents the largest share of Masdar’s investment portfolio outside the United Arab Emirates, the company’s Chief Executive Officer Mohamed Jameel Al Ramahi told UK lawmakers.
Masdar has invested in renewable energy projects in the UK totaling almost £4 billion, with a combined capacity of over 1GW, Al Ramahi said during a webinar with Members of Parliament, including UK Energy Minister Kwasi Kwarteng, and selected business leaders. Together, the projects provide enough power for approximately 1 million homes in the UK, and are helping to reduce the nation’s CO2 emissions by almost 2 million tonnes a year – equivalent to removing 430,000 passenger cars from roads, Al Ramahi told MPs.
“Such investments create jobs throughout the local supply chain, boost economic activity and set the foundations for generating intellectual property for the future,” Al Ramahi told lawmakers. Masdar was willing to make this level of investment because of “the commitment of the UK in providing the right platforms, stable policies and a transparent process that international investors look for,” he said.
H.E. Suhail Al Mazrouei, the UAE’s Minister of Energy & Infrastructure, gave the main address at the session, organized by the UAE-UK All Party Parliamentary Group (UAE-UK APPG) and designed to highlight clean-energy investment opportunities for the two countries.
The UK’s recently announced 10-point plan for a Green Industrial Revolution demonstrates the UK’s commitment to the energy transition and was also fitting for the nation that had given the world the First Industrial Revolution, Al Ramahi said. The UAE and Masdar remain committed to supporting those plans, he told MPs.
Major Masdar investments in the UK include a stake in the London Array project, one of the largest off-shore wind projects in the world, and Hywind in Scotland, the world’s first floating wind farm.
Masdar has also invested £35 million in the UK Government’s Charging Infrastructure Investment Fund (CIIF), which will double the UK’s electric vehicle charging infrastructure with 3,000 new charging points by 2024.