October 16, 2008
E.ON, Masdar Partner in London Array Offshore Wind Farm Project
E.ON and Masdar Initiative, the Emirate of Abu Dhabi's renewable investment vehicle, have partnered for the development of the London Array offshore wind farm project.
E.ON and Masdar will also extend their relationship further and intend to work together across a range of potential projects that will complement their existing renewable energy strategies.Masdar has entered into the London Array scheme through a joint venture agreement with E.ON, which currently owns half of the project. Dong Energy owns the other half. Under the agreement, Masdar has purchased 40% of E.ON's half share of the London Array scheme, giving Masdar a 20% stake in the project overall.
Initially, the focus of the agreement will be on wind power and the London Array project. As the partnership develops over the coming months, the companies expect to be able to announce a series of exciting projects across the broad spectrum of renewable energy.