Masdar Acquires 20pc Stake in London’s Wind Farm Project

Masdar has entered into the London Array scheme through a joint venture agreement with E.ON, which currently owns half of the landmark project. DONG Energy owns the other half. Under the agreement, Masdar has purchased 40 per cent of E.ON’s half share of the London Array scheme, giving Masdar a 20 per cent stake in the project overall.

The two partners will also extend their relationship further and intend to work together across a range of potential projects that will complement their existing renewable energy strategies.

The project is situated in the outer Thames Estuary, east of London and will consist of up to 271 turbines, generating enough power for three-quarters of a million homes and contributing significantly to the UK’s renewable energy targets. Once given the green light, the scheme will be built more than 20km off the Kent and Essex coasts. The wind farm will be installed on a 90 square mile site and will be built in two stages.