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Masdar CEO: Brexit unlikely to affect UK ventures

Masdar holds significant investments in the UK and Europe, which is unlikely to be impacted by the current Brexit

Masdar is the co-owner of the 630MW London Array wind project.
Masdar is the co-owner of the 630MW London Array wind project.

The recent decision by Britain to leave the European Union (EU) will not have any implications on Masdar's UK investments, said its chief executive officer (CEO).

Mohamed Jameel Al Ramahi, who was appointed CEO of Masdar in February 2016, said that the company will continue to invest in the UK in the foreseeable future.

In the UK, Abu Dhabi’s renewable energy company Masdar is a co-owner of the 630MW London Array, the world’s largest offshore wind development, currently in operation, inaugurated in July 2013.

Masdar has also partnered with Norway’s Statoil and Statkraft in a 402 MW offshore wind farm project, off the Norfolk coast in Eastern England. Masdar acquired a 35% stake in the project from Statoil.

He said: "We are monitoring the Brexit very closely. The decision will have no real impact on our significant UK investments, it will give us a natural edge." 

The company also has a portion of its investments in the renewable sector in Europe.

Ramahi said: "We have operational assets in Europe, and also several projects in the pipeline there. The whole market, including us, is studying the situation very closely.

"Further decisions will be made depending on the prevailing market situations."

 

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