Masdar, an Abu Dhabi-based company chaired by COP28 president Sultan Al-Jaber, could buy a 49% stake in one of the UK’s largest offshore wind farms in development following negotiations at this year’s climate talks.
This represents the latest in a string of investments in the UK by the United Arab Emirates, which sources more than 15% of its gross domestic product from oil rents, following a probe into an Emirati investment in the Telegraph Media Group (TMG).
Masdar’s chairman is COP28 president and head of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al-Jaber, who received criticism this month for denying at the United Nations’ convention of world leaders that a phase-out of fossil fuels would limit global warming.
Al-Jaber claimed at the event, while responding to questions from the former United Nations (UN) High Commissioner for Human Rights Mary Robinson, that there is “no science” to support that such a move would keep temperatures from rising above the agreed limit of 1.5 Celsius.
Iberdrola, the Spanish developer behind the 1.4 GW East Anglia Three offshore wind farm that will be located off the coast of Norfolk, said yesterday that the companies have agreed to co-invest in the project as part of a multi-billion-euro strategic partnership to build offshore wind and hydrogen projects in Europe and the US.
Masdar, which is co-owned by ADNOC, the Abu Dhabi National Energy Company (TAQA), and Emirati sovereign wealth fund Mubadala Investment Company, has agreed to co-invest in the East Anglia wind farm after the pair jointly invested in a wind farm in the Baltic Eagle in Germany.
The Abu Dhabi-based company is targeting a renewable energy portfolio of at least 100 GW by 2030 and up to 1 million tonnes of green hydrogen capacity.
The East Anglia offshore wind project is expected to deliver power in the fourth quarter of 2026 under an inflation-linked, guaranteed contract from the UK government that was issued as part of the contracts-for-difference scheme in July 2022 and lasts for 15 years.
The wind farm would supply power to more than a million homes in the UK and create 2,300 jobs.
Masdar and Iberdrola could make up to €15 billion of joint investments in offshore wind and green hydrogen through their latest alliance, the companies said in a joint statement.
“With an abundance of wind resources, the UK and Europe are prime markets for Masdar,” said Masdar’s chief executive officer Mohamed Jameel Al Ramahi.
“As we target 100GW by 2030, Masdar is focused on developing innovative projects from the very early stages to further strengthen our offshore wind expertise.
“We have been active in the UK for more than a decade, pioneering landmark projects including the world’s first floating offshore wind farm. At COP28, as the world looks to triple renewable energy capacity to secure a greener future, projects such as the 1,400MW East Anglia 3 offshore wind farm show how we can create jobs, power homes and cut emissions.”