Newspaper article The Journal (Newcastle, England)

Clean Energy Sector Investment Boost from Uae

Newspaper article The Journal (Newcastle, England)

Clean Energy Sector Investment Boost from Uae

Article excerpt

BRITAIN'S clean energy sector received a boost after a deal which could see a billion pounds of investment from the United Arab Emirates (UAE) was signed.

The Green Investment Bank (GIB) and Masdar, Abu Dhabi's state-backed renewable energy firm, signed a memorandum of understanding to consider opportunities to invest in green infrastructure projects in the UK over the next seven years.

Energy and Climate Change Minister Greg Barker, the driving force behind the deal, described it as a "very important milestone".

The GIB was formed by the Coalition with PS3bn of Government funds as an independent body whose mission is to accelerate the UK's transition to a greener economy.

A figure was not put on the deal but reports claim a billion pounds could be invested by the Gulf state company.

The ceremony, hosted by the Duke of York, took place at Buckingham Palace and came during the UAE president's two-day state visit to Britain.

Mr Barker said: "This is a very important milestone for the Green Investment Bank, which is a new institution created by the Coalition. …

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