Masdar Takes Stake In The London Array
Posted by Big Gav in london array, masdar, wind power
TreeHugger reports that Masdar has joined the London array project consortium - London Array, World’s Largest Offshore Wind Farm, Gets Another Backer.
One of the largest wind farms in development, onshore or offshore, the 1 gigawatt London Array just got one step closer to reality. Abu Dhabi’s Masdar— of self-proclaimed zero carbon city and alternative energy investment fund fame—just announced that it has acquired a 20% stake in the project.
The on-again, off-again, offshore wind farm has had a rocky road in the past few years, but hopefully with the participation of Masdar the £1.5 billion ($2.55 billion) facility's future is more assured. More on Masdar’s involvement:
After Shell pulled out of the project without much notice or explanation, leaving the remaining developers E.ON and DONG Energy holding the bag, the future of the London Array was put it doubt. After regrouping, E.ON and DONG bought up the Shell stake. Masdar has gotten in through a joint venture with E.ON. As it stands now the London Array is now divided up with DONG Energy having a 50% stake in the project, E.ON 30%, and Masdar 20%.
The London Array remains on track to come online in 2012 or 2013. When completed its 271 turbines, located in the outer Thames Estuary, are expected to generate enough electricity for 750,000 UK homes.
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