Dubai, UAE—UAE’s renewable energy company Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, Reuters said.
“We are committed… to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions,” Jameel Al Ramahi told the International Energy Week conference, according to the Reuters report.
Masdar bought UK-based battery company Arlington Energy last year.
In January this year, Masdar signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW).
The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led initiative that aims to raise public- and private-sector funds to invest in the development of Africa’s renewable energy sector.
Etihad 7 was launched at ADSW 2022 by Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State, with the aim of achieving 20 GW capacity to supply 100 million people across the continent with clean electricity by 2035.
Also read: Masdar inks deal to produce 1GW of clean energy in Kyrgyzstan
In Feb, 2023, the Baynouna Solar Energy Company (BSCE), a joint venture between Masdar and Finnish investment and asset management group Taaleri, announced the formal inauguration of the 200-megawatt (MW) Baynouna Solar Park – the largest clean energy project in Jordan.
Also in Feb, Masdar entered the geothermal energy sector by making an investment in Indonesia’s state energy firm Pertamina Geothermal Energy (PGE), one of the world’s largest geothermal players.
The investment marks Masdar’s entry into Indonesia, the world’s second-largest geothermal market after the US. Masdar did not reveal the size of the investment.
Indonesia has a goal of increasing its installed geothermal capacity from 2.8 gigawatts (GW) in 2022 to 6.2 GW by 2030. The Government is targeting net-zero emissions by 2060 and having renewables provide 23 percent of the energy mix by 2023.