Sultan Ahmed al-Jaber, CEO of MASDAR, looks out at the solar power plant Shams 1 In Abu Dhab during its inauguration in March

UAE to pump up to �1bn into UK green energy

A deal with the United Arab Emirates (UAE) worth up to a billion pounds will boost Britain's clean energy sector.

The Green Investment Bank (GIB) and Masdar, Abu Dhabi's state-backed renewable energy firm, signed a memorandum of understanding today to consider opportunities to invest in green infrastructure projects in the UK over the next seven years.

Energy and Climate Change Minister Greg Barker, who was the driving force behind the deal, described it as a "very important milestone", and while a figure was not put on the deal reports claim a billion pounds could be invested by the Gulf state company.

The ceremony, hosted by the Duke of York, took place at Buckingham Palace and came during the UAE president's two-day state visit to Britain.

Mr Barker said: "This is a very important milestone for the Green Investment Bank, which in itself is a new institution created by the Coalition. The fact within a year of the GIB opening its doors we are now attracting in additional investment partners to leverage the £3bn of equity capital that the GIB already has, demonstrates the value of this model."

The GIB was formed by the Coalition with £3bn of Government funds as an independent body whose mission is to accelerate the UK's transition to a greener economy.

The memorandum was signed by Masdar's chief executive officer Dr Sultan Ahmed Al Jaber and his opposite number at the GIB, Shaun Kingsbury.

Speaking about the agreement, Kingsbury said: "We'll be working together closely to bring investment to UK clean energy projects and to share our expertise and experience. At GIB we are building an enduring institution; one that's here for the long term.

"This relationship shows how we can act as a catalyst to bring in additional funds for UK clean energy projects to complement the support we've already received from the UK Government."

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