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11/06/2008 10:44 AM
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Britain, Abu Dhabi Expand Cooperation on Clean Energy
SustainableBusiness.com News
On Monday, British Prime Minister Gordon Brown said that his country will sign an agreement with an Abu Dhabi renewable energy company to cooperate on clean energy technologies including wind and solar power, as well as carbon capture and storage.
"Today we will sign an MOU (memorandum of understanding) with Masdar to work to develop and deploy low carbon technology for energy," Brown said during a visit to the United Arab Emirates.
Masdar is the state-run entity developing sustainable and clean energy. It has agreed to invest 150 million poinds ($243.4 million) in a British low-carbon energy technology fund. Britain's Carbon Trust will add an additional 10 million pounds, as well as 90 million from private investors, according to a Reuters.
Last month, Masdar committed to purchasing a 20% stake in the massive 1,000-MW London Array offshore wind farm project. And in Many, Britain and the UAE signed an initial agreement to cooperate on the use of nuclear energy.
