RWE's UAE renewables partner may be Masdar - report

Abu Dhabi-based renewables firm Masdar is holding talks with German energy group RWE AG (ETR:RWE) about the possibility to jointly invest in green projects, a source told Reuters on Wednesday.

The informed person did not give more details on the matter and a representative for RWE declined to comment when contacted by Reuters.

Just a day earlier, RWE’s CEO Peter Terium told the news agency that his company was discussing opportunities in the Gulf region’s renewable energy industry with an unnamed Abu Dhabi investor. The parties were talking about potential solar and wind projects as well as initiatives in the areas of networks and wholesale markets, Reuters said.

Masdar is fully-owned by Abu Dhabi-based investment fund Mubadala. Last September, the company bought a 35% stake in the 402-MW Dudgeon wind project off the Norfolk coast in England from developer Statoil. It also has a 20% interest in the 630-MW London Array wind farm.

Choose your newsletter by Renewables Now. Join for free!