The Abu Dhabi controlled energy company, Masdar Energy UK, intends to invest a total of $424m towards the construction of the London Wind Energy Facility. Along with this investment are: Contributing to the refinancing were Siemens Bank gmbH, Bank of Tokyo-Mitsubishi UFJ Ltd, KFW-IPEX Bank and Sumitomo Mitsui Banking Corp along with an additional $93.75m loan was provided by the UK Green Investment Bank, as reported by the UK’s Electric Light & Power, a local publication.
The UK, in agreement with the EU, plans to redirect 30% of its energy to renewable sources. They are currently at approximately half of this number. The Array offshore wind farm is located in the Thames estuary, about 20km off the Kent and Essex coast.
The wind power plant is owned, developed and built by a consortium consisting of Dong Energy, E.On and Masdar. It has a total capacity of 630MW and will generate enough power to supply 500,000 British households with clean electricity. London Array will reduce annual carbon emissions by about 900,000 tons, which the equivalent of the emissions from 300,000 passenger cars.