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Masdar and RWE will explore the development of wind projects in a number of countries. Image Credit: Shutterstock

Abu Dhabi’s Masdar and Germany’s RWE Renewables announced on Monday the signing of a memorandum of understanding (MoU) to explore collaboration on developing offshore wind projects in a range of key markets.

Masdar and RWE Renewables will explore the development of offshore wind projects in a number of countries and explore further project opportunities.

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “This agreement will strengthen our existing relationship with RWE, who have been a long-standing partner with us on the London Array offshore wind farm, one of the largest in the world, while also representing an opportunity to expand our capabilities in offshore wind, a market which we see as having key strategic importance.”

Markus Krebber, CEO of RWE AG, said: “The acceleration of the energy transition remains key to tackling both the current energy crisis and the climate crisis. This is what we are doing at RWE with massive investments in renewable energy projects – on our own and together with partners.”

Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tonnes of carbon dioxide emissions every year.

Masdar, one of the fastest-growing renewable energy companies in the world, is increasingly targeting offshore wind projects as it aims to reach 100 GW total capacity by 2030.