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Dubai: Abu Dhabi Future Energy Company (Masdar) and e.ON yesterday said they have joined forces to partner in the London Array offshore wind farm project - which, when built, will be the world's largest offshore scheme.
The two partners also intend to work together across a range of future projects that will complement their existing renewable energy strategies.
Masdar has entered into the London Array scheme through a joint venture with e.ON, which currently owns half of the landmark project. 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 company said in a statement.
The London Array project is situated in the outer Thames Estuary, east of London and will consist of up to 271 turbines, generating enough power for three-quarters of a million homes and contributing significantly to the UK's renewable energy targets. Once given the green light, the scheme will be built more than 20 kilometres off the Kent and Essex coasts.
The wind farm will be installed on a 90 square mile site and will be built in two stages. The first stage of the project is expected to be completed in 2012 and will consist of up to 175 turbines. The second stage will bring the total to 1,000 megawatts (MW).
The agreement, signed yesterday in London, brings together the two companies' 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.
British Prime Minister Gordon Brown said: "I 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."
"London Array is an important investment for Masdar into the wind sector. We believe that the offshore wind market will be a major force in the future and this is a very opportune time for us to enter this developing segment," said Dr Sultan Al Jaber, CEO of Masdar.
Strategy
"Masdar has always had a strategy of partnering with leading companies in their field. Our partnership with e.ON is a strong testament of this philosophy and of our commitment to this industry segment. Through this project, we also hope to build a partnership with the UK government to drive the future growth of the renewable energy sector for the benefit of both our economies."
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.
e.ON CEO Dr Wulf Bernotat said: "e.ON plans to invest six billion euros [Dh30.3 billion] by 2010 to help move renewable energy projects from boutique to an industrial scale."
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