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Abu Dhabi’s clean energy company Masdar and Spain’s Iberdrola have signed a €15 billion ($16.25 billion) partnership to evaluate the development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.
The companies will also look to further invest in the 1,400-megawatt East Anglia 3 offshore wind project in the UK, Masdar said on Tuesday.
The deal, which has been under negotiation for the last few months, could be signed by the end of the first quarter of 2024, leading to Masdar’s stake in the wind farm increasing to 49 per cent.
East Anglia 3 is currently in construction, with full commissioning scheduled for the fourth quarter of 2026. Once operational, it is expected to power more than 1.3 million homes and create 2,300 jobs.
The companies said that the process to identify more opportunities in Europe and other markets was “already under way”.
“We welcome this partnership which will see global clean energy pioneers, Masdar and Iberdrola, coming together to use their expertise and resources to advance renewables in Europe and around the world,” said Dr Sultan Al Jaber, Cop28 President, Masdar chairman and UAE Minister of Industry and Advanced Technology.
“At Cop28, we know that the world must triple global renewable energy capacity by 2030 to keep 1.5°C within reach. Robust partnerships such as the one between Masdar and Iberdrola today will propel us towards this goal.”
Masdar, which is active in more than 40 countries, aims to expand its capacity to about 100 gigawatts of renewable energy by the end of the decade.
It is also aiming for green hydrogen production of a million tonnes a year by 2030.
The company is also developing new renewable projects in Africa to boost energy security in the continent. It is the largest renewable energy company in Africa through its Infinity Power platform, a joint venture with Egypt’s Infinity.
“Following our long-term commitment to renewables, networks, and storage, this innovative alliance with Masdar today shows once again our determination to continue delivering,” said Ignacio Galan, Iberdrola’s executive chairman.
Last week, Masdar signed an implementation road map to advance the development of 10 gigawatts of renewable energy projects in Malaysia.
The projects will include ground-mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
“With an abundance of wind resources, the UK and Europe are prime markets for Masdar,” said Mohamed Al Ramahi, Masdar’s chief executive.
“As we target 100 gigawatts by 2030, Masdar is focused on developing innovative projects from the very early stages to further strengthen our offshore wind expertise,” he said.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
