Abu Dhabi to "explore" renewables investment opportunities with Green Investment Bank

Masdar has signed a memorandum of understanding (MoU) with the UK's Green Investment Bank (GIB) which states that the two institutions will "consider opportunities to jointly invest" in UK projects over the next seven years. Under the terms of the agreement, Masdar and GIB will introduce potential investment opportunities to each other and to other potential investors.

The company already holds a £500 million equity stake in the UK's London Array, the world's largest offshore wind farm.

"The UAE and the UK have already forged a strong bond in the advancement of clean energy," said Masdar chief executive Dr Sultan Ahmed Al Jaber. "This collaborative investment effort will not only strengthen those ties, it has the potential to pay healthy dividends for both countries."

"Masdar is pleased to be contributing to the UK's renewable energy portfolio through the London Array and we are actively engaged in exploring new investment opportunities in the UK offshore wind and clean technology sectors," he said.

The GIB is a Government-backed bank set up to provide finance to private sector projects related to environmental preservation and improvement. The Government has committed to funding the GIB with £3 billion over the period to 2015.

GIB chief executive Shaun Kingsbury said that the agreement was a "bold and exciting statement of intent" from two new organisations which were "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," he said.

"At GIB we are building an enduring institution; one that's here for the long term. This relationship shows how we can act as a catalyst to bring in additional funds for UK clean energy projects to complement the support we've already received from the UK Government," he said.