www.environmental-finance.com/
London, 22 January:
Masdar has denied that it is rethinking the economic viability of the London Array, the UK's massive offshore wind farm project. The firm, set up by the Abu Dhabi government to invest in renewable power, took a 20% stake in the 1,000 MW London Array project in October last year, just months after Royal Dutch/Shell pulled out.
Ziad Tassabehji, director of innovation and investments Masdar, was quoted by Reuters as saying that, in the light of the continuing financial turmoil, "the economics of this project should be revisited." However, a Masdar spokesman told Environmental Finance that the comments referred to opportunities to drive down the cost of the project, not revisit its viability. Standard reviews of the project as it goes through its tendering process suggested that the economic crisis could reduce costs and "drive efficiencies in the project", the spokesman said.
Masdar "remains 100% committed to the London Array", he added. When built, the London Array is expected to generate enough electricity to power around a quarter of the homes in Greater London. Along with Masdar, the consortium planning to build the wind farm includes the utilities DONG Energy, with a 50% stake, and E.ON, with a 30% stake.
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