Skip to content Skip to Search
Skip navigation

Masdar pledges $1.2bn for UK’s battery storage industry

Masdar's base of Masdar City is focused on sustainability REUTERS/SCMP
The bonds launched at a spread of 115 bps over US Treasuries from initial guidance of 150 bps
  • UAE state’s renewable energy giant invests heavily
  • Announcement made during International Energy Week in London
  • UK is Masdar’s ‘global hub’ for battery storage

UAE state-owned renewable energy giant Masdar has reaffirmed its commitment to developing the UK’s battery storage industry with a $1.21 billion capital investment. 

Speaking on the second day of International Energy Week in London, Mohamed Jameel Al Ramahi, CEO of Masdar said: “I’d like to announce that we have committed to deploy £1 billion across the UK to accelerate battery storage solutions – and we are looking for partnerships.

“But, of course, we need the UK government to accelerate approving permit points and connection points to help us deploy that capital – the team is there, the locations are there, the technology will of course always become more efficient, however it’s also there.” 

Al Ramahi said that the formal announcement regarding the latest capital deployment would be made next week, but stressed that the Abu Dhabi business wants to deploy it through partnerships with UK companies. 

“Both the momentum and capital are there,” he said. “However, we also need to create opportunities and that doesn’t work without partnerships.

“We have never ever, throughout our history – even though we have the capital – worked alone. All the projects we have delivered in the UK have been done with partners.

“We believe in the United Kingdom. The UK is our hub for two main things – it’s our global hub for global offshore and it’s our global hub for battery storage. Arlington is a great example of us believing in new technologies.” 

Masdar last October acquired leading UK battery storage system specialist Arlington as part of its strategy to expand its presence in the European renewables market. 

At the Energy Storage Summit held in London last week, Matt Clare, CEO of UK developer Masdar Arlington Energy, pointed out the challenges posed by battery storage supply chain issues in the UK. 

“You have transformer delays, battery delays etc,” Clare said.

“Trying to tie all that up with an asset class that, if you get it online too early it sits there and degrades, is challenging.

“We have problems with BESS [battery energy storage system] that did not exist with other supply chains.” 

Al Ramahi noted in the panel discussion on Wednesday: “I believe the most critical thing is creating opportunity. We live in a world where sometimes we have capital and the plans but there are so many barriers to actually executing them. 

“The good thing is that we are optimistic about the future. There’s no going back – we all know that, we are all bought in.” 

Al Ramahi also noted that Masdar is pushing ahead beyond battery storage with its development in other areas of renewable technology. “I’ve just returned from Jakarta where we have become a strategic investor in one of the world’s largest geothermal platforms in Indonesia and in fact in the world,” he said.

Masdar last month announced it had invested in Jakarta-based Pertamina Geothermal Energy (PGE).

Latest articles

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

The total value of projects under construction in Masdar City is estimated at AED1 billion

Masdar City has up to $1bn of projects at design phase

Masdar City, Abu Dhabi’s sustainability-focused urban community, is working on projects in critical sectors of the UAE, backed by investments of between AED3 and AED4 billion ($817 million and $1 billion). The projects include energy, artificial intelligence (AI), space, life sciences and agriculture, the UAE state-run Wam news agency reported, quoting CEO Ahmed Baghoum. He […]