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London: E.ON and Masdar have signed a joint venture agreement on Thursday for the London Array offshore wind farm project, which when completed will be the world's largest offshore scheme. The partners also intend to work together across a range of potential projects that will complement their existing renewable energy strategies.
E.ON currently owns half of the landmark project, while DONG Energy owns the other half. Under the agreement, Masdar has purchased 40 per cent of E.ON's half share of the London Array scheme, giving Masdar a 20 per cent stake in the project overall. Masdar will become an important shareholder in the project, which could significantly expand the UK's renewable energy capacity.
The agreement signed in London brings together the two successful companies' complementary resources and experience to partner with each other on a wide range of renewable energy projects. Initially, the focus of the agreement will be on wind power and the UK's London Array project.
As the partnership develops over the coming months, the companies expect to be able to announce a series of exciting projects across the broad spectrum of renewable energy. Early discussions about potential projects have focused on the area of carbon emission reduction. Both companies would look to jointly develop JI/CDM projects that would reflect both parties' technical expertise in these areas.
Prime Minister Gordon Brown said: "I very much welcome Masdar's decision to invest in renewable energy in the UK. This is an excellent example of the partnership we need between oil producing and oil consuming countries to develop new energy sources and technologies, diversifying their economies and reducing our dependence on carbon. The scale and vision of the London Array is groundbreaking, and places the UK at the forefront of offshore wind development."
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