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Abu Dhabi reconsiders London Array investment
1 February 2009
Abu Dhabi, the United Arab Emirates capital, is reconsidering its plans to invest in a 1000 MW offshore wind farm off the south-east English coast. Known as the London Array, the project is inline to become the world's largest offshore wind farm. Masdar, a renewable energy investment firm owned by the government of Abu Dhabi, has a 20% stake in the project alongside E.ON, which owns 30% and Danish energy company Dong with the other 50%. But at an international renewables conference in Abu Dhabi, Ziad Tassabehji of the Masdar Clean Tech Fund, hinted that the company was concerned about increasing costs at a time that sterling is losing value against other European currencies. "The economics of this project should be revisited," he said. "We are working with our partners to study the feasibility of the project." Masdar bought into London Array in October 2008, some months after oil giant Shell pulled out of the project to concentrate on the US wind market. At home, Abu Dhabi has a new 7% target for renewable energy's share of the emirate's power supply by 2020.
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