Page 3 - Ignacio Gal News Today

 The UAE announced plans for its second large investment in the UK offshore energy sector forming a partnership with Iberdrola which is set to develop...

The United Arab Emirates has snapped up a 49pc stake in one of the UK’s largest wind farms despite soaring costs throwing the industry’s future into doubt.

The plan is to set up offshore wind and green hydrogen projects in Germany, UK and the USA

At COP28 in Dubai, global green energy giants Iberdrola and Masdar announced a €15 billion ($16.25 billion) deal to evaluate the joint development of offshore wind and green hydrogen (H2) projects in key markets.

Two clean energy giants have agreed to form a strategic partnership with the plan to invest over $16 billion in offshore wind and hydrogen projects.

The partnership will see Masdar taking a stake of up to 49 per cent in Iberdrola’s 1.4GW UK East Anglia 3 offshore wind project.

In a reminder of just how much danger the world is in, a thick blanket of hazy smog smothered Dubai Sunday as most world leaders jetted off.

Iberdrola, through its subsidiary Scottish Power, will increase its investment in the United Kingdom by 12,000 million pounds (about 13,823 million euros)

Read Iberdrola to invest £12 billion in UK grid and renewables and other wind energy news & analysis on Windpower Monthly

Spanish energy giant Iberdrola has agreed to invest up to £12bn between 2024 and 2028, with a focus on electricity networks and renewables.