News / Masdar and UK Green Investment Bank sign MOU to invest together

Masdar and UK Green Investment Bank sign MOU to invest together

🕔 May 2, 2013
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A wholly-owned subsidiary of the Abu Dhabi Government-owned Mubadala Development Company, Masdar and the UK Green Investment Bank (GIB) signed yesterday a Memorandum of Understanding to explore project investment opportunities in the UK's clean energy sector.

The deal, which could be worth up to £1 billion according to different sources, was signed on a state visit to the UK by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, at an event hosted by Prince Andrew, the Duke of York, at Buckingham Palace.

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.
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.

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.

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