UAE's Masdar to invest $1.2B in UK battery storage projects

By Nuran Erkul

LONDON (AA) — Emirati renewables company Masdar is planning a major investment of about £1 billion ($1.2 billion) in battery storage projects across the UK, the firm announced on Wednesday.

Speaking at International Energy Week, an event organized by the UK-based Energy Institute, Masdar's CEO Mohamed Jameel Al Ramahi said: "We have already invested in world-class clean energy projects valued at £4 billion (in the UK).

"We are also targeting an additional investment of close to £1 billion in battery storage projects located across the UK as part of the UAE-UK Sovereign Investment Partnership and Masdar's own growth targets, one of the largest investment programs in energy storage worldwide."

Al Ramah noted that Masdar would continue accelerating the deployment of clean energy around the world to help drive a successful energy transition.

The United Arab Emirates is the president of the 2023 Conference of the Parties to the UN Framework Convention on Climate Change (COP28), set to be held in November.

Masdar, the Abu Dhabi Future Energy Company, has three leading shareholders, the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA).