UK’s Energy Transformation worth GBP 200 Billion Needs UAE Investments
While recently speaking at the World Future Energy Summit in Abu Dhabi Greg Barker, the UK’s Minister of State for Energy and Climate Change, said that British energy transformation to renewables will cost about GBP 200 billion and that it is reliant to UAE’s investments.
“The latest energy law [is] going to substantially expand the number of investments coming to Britain, of which we expect a very substantial number to be from the Gulf,” Minister Barker is cited by the UAE’s news site, The National, as saying.
Masdar, Abu Dhabi’s renewable energy company, invested in theLondon Array, the largest completed offshore wind farm in the world, buying a 20% stake in it. The company is interested in investing in further renewable projects in the UK.
“The UAE is investing in the future of energy by working with investment partners and governments, like the United Kingdom, to build sophisticated, large-scale renewable energy projects,” the news site quoted Sultan Al Jaber, Masdar’sCEO.
Offshore WIND Staff, January 21; Image: londonarray