UAE’s Masdar invests £1bn in UK battery storage projects
Masdar has announced a £1 billion ($1.2 billion) investment into UK battery storage projects, supplementing its prior investments in the country’s cleantech, which to date has amounted to £4 billion ($4.8 billion).
The UAE government-owned renewables company made the announcement during International Energy Week in the UK, a global conference bringing together stakeholders from the energy industry alongside investors, government, academia and NGOs.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, affirmed the investment in an acceptance speech after being named Honorary Fellow of the Energy Institute (EI), a UK-based professional body in the energy sector: “It is fitting to accept this great honour on the side-lines of International Energy Week in the UK, a key strategic market for Masdar where we have already invested in world-class clean energy projects valued at £4 billion.
“We are also targeting an additional investment of close to £1 billion in battery storage projects located across the UK as part of the UAE-UK Sovereign Investment Partnership (SIP) and Masdar’s own growth targets – one of the largest investment programmes in energy storage worldwide,” added Al Ramahi.
Have you read:
First commercially reactive power battery goes live in UK
Scaling up flow batteries will be a “game changer” – SDG&E
Project details for the investment have not been released.
Announced in March 2021, the UAE-UK SIP serves as a coordinated investment framework between the two countries, aiming to drive investment across key technologies and infrastructure, as well as in the energy transition itself.
The announcement follows Masdar’s acquisition of Arlington in October, 2022, a battery energy storage developer – based in London with an asset portfolio of over 170MW – in their push to expand into the UK and European markets.
Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC.
