The MoU is being signed during a state visit to the UK by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, at an event hosted by HRH Prince Andrew, the Duke of York, at Buckingham Palace.
Under the MoU, the GIB and Masdar 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. There is no change to the governance of both parties as joint investments will be made and managed independently, a joint press release said.
Masdar has already independently invested over £500mn through its equity stake in the UK’s London Array, the world’s largest offshore wind farm. This new alliance will unlock the potential for further investment.
“This agreement is about more than just money,” said UK Energy and Climate Change Minister, Greg Barker. “Given the pioneering Low Carbon achievements of Masdar, it makes strong strategic sense.”
The MoU will be signed by Masdar CEO Dr. Sultan Ahmed Al Jaber and GIB CEO Shaun Kingsbury. “This new MoU is a bold and exciting statement of intent,” Kingsbury said. “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.”