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Masdar joins mega wind project off Britain

Abu Dhabi - Abu Dhabi energy company Masdar said on Wednesday that it was joining a multi-billion dollar offshore wind farm project in Britain in partnership with Norwegian firms Statoil and Statkraft.

The farm will produce clean power for about 410 000 homes in Britain, according to Masdar, which oversees UAE's drive to boost renewable energy production in the oil-rich sheikhdom.

Construction is scheduled to start in 2016, with full operations expected to begin in late 2017.

Masdar said it would take a 35% stake - worth $858m - in the $2.5bn project, which was first announced by the Norwegian firms in July.

"As the only Opec nation supplying both traditional and renewable energy to international markets, the UAE is committed to accelerating the use of wind energy as an effective means of balancing the global energy mix," said Masdar chair Sultan Al Jaber.

Energy market

Statoil will also hold a 35% stake while Statkraft, Europe's largest producer of renewable energy, will own the remainder, the statement said.

Statoil will also be the operator of the venture.

The UAE investment was signed on the sidelines of the United Nations climate change summit taking place in New York.

It is Masdar's second major investment in the British offshore wind energy market.

The company already has a 20% stake in the 630 megawatt London Array project, the world's largest offshore wind farm.

Masdar is overseeing Abu Dhabi plans to generate 7% of its energy needs from renewable sources by 2020.


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