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The Low Carbon Economy Ltd

17 Oct 2008 06:10:47

London Array gets new investor

London Array gets new investor
Another investor has joined the London Array wind farm project, which earlier this year seemed in danger.

Masdar, the renewable energy investment vehicle for the Abu Dhabi government, has formed a joint venture with existing investor E.On.

It has bought 40 per cent of the German electricity giant's 50 per cent stake in the project, which will develop the world's largest wind farm.

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."

Earlier this year the project seemed to have run into difficulties when Shell, which had a 50 per cent stake, withdrew from the London Array wind farm.

The company announced that it was going to reallocate the funds destined for offshore wind power in the UK to onshore projects in the US.



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