Top offshore wind farm developer Skyborn Renewables has been acquired by a group of investors that include Abu Dhabi-based sovereign wealth fund Mubadala Investment Company and Global Infrastructure Partners.
The deal will expand Mubadala's presence in Europe and the Asia-Pacific region at a time when it is pushing to increase its exposure to the booming renewable energy market, the wealth fund said on Wednesday.
Skyborn Renewables, which is based in Bremen, Germany, has developed more than seven gigawatts of offshore wind capacity so far and has projects in Germany, France, and Taiwan.
The group has offshore wind projects with a capacity of 30 gigawatts at various stages of development.
Mubadala will also buy a part of GIP’s 50 per cent stake in the Bluepoint Wind project, which is located near the coast of New Jersey and New York. Upon completion, the wind farm will be able to power about 900,000 residential homes.
The US plans to install about 30 gigawatts of offshore wind capacity by 2030 along the country’s coastlines and several states.
Global offshore wind investment is set to increase this decade, with capital expenditure for projects in the sector expected to more than double to $102 billion in 2030, according to Rystad Energy.
The push to increase the number of projects and investments from $46bn in 2021 comes at a time when nations around the world are seeking to switch to cleaner sources of energy to meet their carbon neutrality goals.
“Offshore wind is one of the most attractive and fastest-growing segments within renewables, with the sector expected to grow tenfold in the next decade,” said Khaled Al Qubaisi, chief executive of real estate and infrastructure investments at Mubadala.
“We at Mubadala are proud to be a part of a consortium that is playing a leading role in addressing the global challenges of the climate crisis and energy security.”
In April, the fund was part of a BlackRock Real Assets-led consortium that agreed to invest $525 million in the renewable energy arm of India’s Tata Power.
Tata Power Renewable Energy, which will play a key part in India’s energy transition, plans to expand its current clean energy capacity to more than 20 gigawatts, from the current 4.9 gigawatts, over the next five years.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Previous men's records
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- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
