LONDON (Reuters) - Britain's Green Investment Bank plans to invest in British clean energy projects over the next seven years along with United Arab Emirates' state-owned renewable energy firm Masdar, the bank said in a statement on Tuesday.
The bank, formed with 3 billion pounds ($4.65 billion) of UK government funding, is designed to spur private sector investment in clean energy projects to help meet Britain's emissions reduction and renewable energy targets.
It said it will sign an agreement with Masdar on Wednesday during a state visit of the President of the United Arab Emirates to London. Under the agreement, the two parties will consider potential green infrastructure projects in which to invest.
Joint investments will be made and managed independently, the bank added. Masdar has already invested over 500 million pounds in the London Array, the world's largest offshore wind farm.
Late last year, British Prime Minister David Cameron approached Emirati state energy investors, including Masdar, to persuade them to invest in Britain's energy sector.
yahoo.com
The bank, formed with 3 billion pounds ($4.65 billion) of UK government funding, is designed to spur private sector investment in clean energy projects to help meet Britain's emissions reduction and renewable energy targets.
It said it will sign an agreement with Masdar on Wednesday during a state visit of the President of the United Arab Emirates to London. Under the agreement, the two parties will consider potential green infrastructure projects in which to invest.
Joint investments will be made and managed independently, the bank added. Masdar has already invested over 500 million pounds in the London Array, the world's largest offshore wind farm.
Late last year, British Prime Minister David Cameron approached Emirati state energy investors, including Masdar, to persuade them to invest in Britain's energy sector.
yahoo.com
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