Abu Dhabi clean energy company Masdar and Germany’s RWE Renewables have signed a preliminary agreement to collaborate and explore the development of offshore wind projects in key markets.
Under the agreement, the two companies will work on offshore wind project opportunities identified across the world.
The announcement came after the UAE and Germany signed a new Energy Security and Industry Accelerator Agreement (ESIA) on Sunday, which is aimed at accelerating joint efforts to boost energy security, decarbonisation and combat climate change.
The deal was struck in the presence of President Sheikh Mohamed and German Chancellor Olaf Scholz, who was on an official visit to the Emirates.
As part of the ESIA, Masdar will actively explore offshore wind opportunities in Germany’s North and Upper Baltic Sea, with plans for up to 10 gigawatts of renewable energy production capacity by 2030.
The agreement with RWE will enable Masdar to “expand our capabilities in offshore wind, a market which we see as having key strategic importance,” Mohamed Al Ramahi, chief executive of Masdar, said.
“By leveraging our two companies’ extensive expertise in this sector, we can help other nations to meet their offshore wind targets, transition to clean energy sources, and meet their net-zero objectives.”
Governments across the world are focusing on developing new renewable energy projects as part of their decarbonisation plans.
Renewables are expected to drive an 8 per cent rise in global energy investment in 2022 to $2.4 trillion, the International Energy Agency said in a June, with solar and wind power accounting for the major segment.
Another report by research company BloombergNEF found that global investment in the renewable energy sector climbed by 11 per cent to $226 billion in the first half of this year.
Offshore wind recorded a steep increase in investment during the period, up by 52 per cent from the previous year, to $32bn, the report said.
Many countries have set ambitious renewables targets.
The UK, which already has the largest installed capacity of offshore wind in the world, is targeting 50 gigawatts by 2030 under its Energy Security Strategy. The US is aiming to use 30 gigawatts of offshore wind by 2030, as part of its ambition to halve greenhouse gas emissions by that date, and reach net zero by 2050.
Meanwhile, Korea is planning up to 20 gigawatts of offshore wind capacity by the end of this decade, as it seeks to reduce its dependence on imported fossil fuels and achieve carbon neutrality by 2050.
Masdar, one of the fastest-growing renewable energy companies in the world, is increasingly focusing on offshore wind projects as it aims to reach 100 gigawatts of total capacity by 2030.
Its existing offshore projects include the Dudgeon Offshore Wind Farm in the UK and Hywind Scotland, the world’s first floating offshore wind farm, which became operational in October 2017.
Earlier this month, it also announced that it had achieved financial close on the 500-megawatt Zarafshan wind project, Uzbekistan’s first utility-scale wind farm. The project is expected to begin commercial operation by the end of 2024 and to provide enough electricity to power 500,000 homes.
Masdar and RWE are also shareholders in the London Array project, one of the largest wind farms in the world, which has been operational since 2012.
The project has an operating capacity of 630MW, powering more than half a million homes, while displacing almost 1 million tonnes of carbon dioxide emissions every year.
RWE, which has an investment and growth programme of roughly €50bn ($49.9bn), plans to expand its green portfolio to 50 gigawatts by 2030, including offshore and onshore wind, solar and battery storage.
“The acceleration of the energy transition remains key to tackling both the current energy crisis and the climate crisis,” said Markus Krebber, chief executive of RWE.
“This is what we are doing at RWE with massive investments in renewable energy projects — on our own and together with partners.”
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'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
SUZUME
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MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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