• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 2 mins WTI @ $75.75, headed for $64 - 67
  • 2 hours EU to Splash Billions on Battery Factories
  • 5 hours Petrol versus EV
  • 7 hours The Dirt on Clean Electric Cars
  • 20 hours The end of "King Coal" in the Wales
  • 21 hours These are the world’s most competitive economies: US No. 1
  • 20 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 13 mins OPEC Is Struggling To Deliver On Increased Output Pledge
  • 18 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 hours E-mopeds
  • 1 hour 10 Incredible Facts about U.S. LNG
  • 7 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day Poland signs 20-year deal on U.S. LNG supplies
  • 20 hours Coal remains a major source of power in Europe.

Abu Dhabi to Invest $1.5 Billion in UK’s Alternative Energy Sector

The British government’s Department of Energy & Climate Change has announced that a deal will be signed on Wednesday that will see Abu Dhabi invest $1.5 billion into the UK’s alternative energy sector.

The deal, which will see around $1.5 billion invested over the next seven years, will be between the UK Green Investment Bank (GIB), a recently established institution that helps to attract foreign capital to the country’s green energy sector, and Masdar, the state owned renewable energy company.

Masdar has already invested $500 million in the giant London Array offshore wind farm.

Related Article: Can Obama Lame-Duck His Way to a Greener Future?

The British government explained that “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.”

Dr. Sultan Ahmed Al Jaber, the CEO of Masdar, stated that “this alliance is a big step in that direction, and a huge vote of confidence in the UK clean energy sector.”

Shaun Kingsbury, the CEO of the GIB, said that “this new Memorandum of Understanding is a bold and exciting statement of intent. GIB and Masdar are new organisations – the first of their type in the world. We’ll be working together closely to bring investment to UK clean energy projects and to share our expertise and experience.”

By. Joao Peixe of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News