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Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables, two of the world’s leading renewable energy companies, announced today that they have signed a Memorandum of Understanding (MoU) to explore collaboration to develop offshore wind projects in a range of key markets .
Under the terms of the memorandum of understanding, Masdar and RWE Renewables will explore the development of offshore wind projects in a number of countries and explore further project opportunities identified by both parties, a statement said.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “This agreement will strengthen our existing relationship with RWE, which has been a long-term partner of our London Array offshore wind farm, one of the largest in the world, It also represents an opportunity to expand our capabilities in offshore wind, a market we believe is of key strategic importance. By leveraging the extensive expertise of our two companies in this area, we can help other countries realize their offshore wind goals, transition to clean energy and achieve its net-zero emissions goals.”
Markus Krebber, CEO of RWE AG, said: “Accelerating the energy transition remains key to tackling the current energy and climate crisis. That’s what we’re doing at RWE, investing heavily in renewable energy projects – both on our own and in partnership with Together. I am delighted that we will be joining forces with Masdar, a well-known and reliable partner of RWE for many years at our London Array offshore wind farm. Together we will explore expanding our partnership in offshore wind to more projects potential.”
Masdar and RWE are shareholders in the London Array project, which has been operating since 2012. With an operating capacity of 630 MW, the wind farm powers more than 500,000 homes while emitting nearly 1 million tons of carbon dioxide annually.
Many countries have set ambitious renewable energy construction targets, such as the UK, US and South Korea. The UK already has the world’s largest installed offshore wind capacity, and it aims to reach 50 gigawatts (GW) by 2030 under its energy security strategy. The United States aims to deploy 30 gigawatts of offshore wind by 2030, as part of President Joe Biden’s “Green New Deal” initiative, halve greenhouse gas emissions by that date, and achieve net-zero emissions by 2050. South Korea hopes to have as many as 20 gigawatts of offshore wind capacity by the end of the decade as it seeks to reduce its reliance on imported fossil fuels and become carbon neutral by 2050.
Masdar, one of the fastest-growing renewable energy companies in the world, aims to reach a total capacity of 100 gigawatts by 2030, so it is increasingly targeting offshore wind projects. In addition to the London array, Masdar’s existing offshore project Dudgeon Offshore Wind Farm, also in the UK, and Hywind Scotland, the world’s first floating offshore wind farm, came into operation in October 2017.
RWE is one of the world’s leading renewable energy companies. With extensive investment and growth plans totalling 50 billion euros, the company will expand its green product portfolio to 50 GW by 2030, including offshore and onshore wind, solar and battery storage.
The announcement comes on the heels of the signing of the Agreement on Energy Security, Climate Action and Industrial Accelerator Growth between the United Arab Emirates and Germany by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and Chancellor Olaf Schultz of Germany (ESIA) after the announcement. As part of ESIA, Masdar will actively explore offshore wind opportunities in northern Germany and the Upper Baltic with the goal of reaching 10 GW of renewable energy capacity by 2030, the statement said. –arab trade news agency
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