Abu dhabi: President His Highness Sheikh Mohamed bin Zayed Al Nahyan and German Chancellor Friedrich Merz witnessed the exchange of a Memorandum of Understanding (MoU) between Abu Dhabi Future Energy Company PJSC - Masdar, a global clean energy leader, and RWE. This agreement is intended to bolster the expansion of renewable energy in Germany and Europe, facilitating energy transformation across the continent.
According to Emirates News Agency, the agreement was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of Masdar, alongside Dr. Markus Krebber, CEO of RWE. The signing took place during the German Chancellor's state visit to the UAE.
The MoU outlines a collaborative effort between Masdar and RWE to seek and pursue investments in battery energy storage system (BESS) projects within Germany. Masdar is set to explore investments by 2030 in existing RWE-owned BESS projects in Germany, with capacities reaching up to 1 gigawatt (GW). Additionally, both entities will evaluate the joint development of new BESS projects, also amounting to 1 GW, by 2035. These developments aim to aid the expansion of renewable energy by balancing supply, ensuring a stable and secure power supply in Germany, and meeting the rising demand for dependable power, particularly from new data centers.
Mohamed Jameel Al Ramahi, Masdar's CEO, emphasized the significance of battery storage in advancing renewable energy deployment. He highlighted Germany as a crucial market for Masdar, in line with its goal of achieving 100 gigawatts of capacity globally by 2030. He expressed enthusiasm for strengthening the partnership with RWE to drive energy transformation in Germany and Europe.
Dr. Markus Krebber, CEO of RWE AG, remarked on the MoU's reflection of the priority placed on flexible energy storage, which is integral to grid stability and the integration of renewable energy in Germany's climate and energy policies. He noted the collaboration's track record, evidenced by their recent success in the UK offshore wind auction for the Dogger Bank South projects, underscoring their commitment to a secure and sustainable energy future for Europe.
The partnership between RWE and Masdar dates back to 2008 with their co-investment in the London Array offshore wind farm. Most recently, the companies secured Contracts for Difference (CfDs) for the DBS (Dogger Bank South) offshore wind farms, a significant investment of £11 billion. DBS encompasses two 1.5GW projects, DBS East and DBS West, forming one of the UK's largest offshore wind endeavors currently in development.
