Abu Dhabi’s Masdar buys stake in offshore wind farm

The renewable energy company owned by Mubadala Development, a state fund of Abu Dhabi, has acquired a 25% stake in the world’s first floating wind farm.

Masdar, which is tasked with investing in clean technology around the world, agreed the deal with Statoil, the Norwegian oil and gas firm developing the pilot scheme.

“We see tremendous potential in the commercial application of floating offshore wind technologies,” said Mohamed Jameel Al Ramahi, Masdar’s chief executive.

Located off the Scottish coast, the Hywind project consists of five wind turbines anchored to the seabed with a combined capacity of 30 megawatts.

Masdar will share the project’s development risk with Statoil and pay for 25% of its previous and future costs.

©2017 funds global mena

Related Articles