ABU DHABI, 26th September, 2022 (WAM) — Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables, two of the world’s leading renewable energy companies, announced today the signing of an Memorandum of Understanding (MoU) to explore collaboration on developing offshore wind projects in a range of key markets.
Under the terms of the MoU, Masdar and RWE Renewables will explore the development of offshore wind projects in a number of countries and explore further project opportunities that are identified by both parties.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “This agreement will strengthen our existing relationship with RWE, who have been a long-standing partner with us on the London Array offshore wind farm, one of the largest in the world, while also representing an opportunity to expand our capabilities in offshore wind, a market which we see as having key strategic importance. By leveraging our two companies’ extensive expertise in this sector, we can help other nations to meet their offshore wind targets, transition to clean energy sources, and meet their net-zero objectives.”
Markus Krebber, CEO of RWE AG, said, “The acceleration of the energy transition remains key to tackling both the current energy crisis and the climate crisis. This is what we are doing at RWE with massive investments in renewable energy projects – on our own and together with partners. I am very pleased that we will join forces with Masdar, a known and reliable partner to RWE for years in our London Array offshore wind farm. Together we will explore the potential for widening the scope of our partnership in offshore wind to further projects.”
Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tonnes of carbon dioxide emissions every year.
Masdar, one of the fastest-growing renewable energy companies in the world, is increasingly targeting offshore wind projects as it aims to reach 100 GW total capacity by 2030. As well as the London Array, Masdar’s existing offshore projects the Dudgeon Offshore Wind Farm, also in the United Kingdom, and Hywind Scotland, the world’s first floating offshore wind farm, which became operational in October 2017.
RWE is one of the world’s leading renewable energy companies. With an extensive investment and growth programme of €50 billion gross, the company will expand its green portfolio to 50 gigawatts by 2030, including offshore and onshore wind, solar and battery storage.