UK GIB and Masdar to sign MoU

UK: The UK's Green Investment Bank (GIB) is set to unveil a memorandum of understanding with Abu- Dhabi developer Masdar to develop renewables projects.

by James Quilter 30 April 2013

Masdar was an investor in the UK's London Array wind farm

The MoU will be signed on 1 May at a state visit by United Arab Emirates president Sheikh Khalifa bin Zayed at Buckingham Palace.

Under the deal, Masdar and GIB will look to investment in "green infrastructure projects" in the UK over the next seven years. The two will also look to bring in other investors.

Previous Masdar projects in the UK include London Array, where it is a co-developer.

Speaking about the deal, GIB chief executive Shaun Kingsbury said: "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."

Masdar CEO Sultan Ahmed al Jaber said: ""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."