Masdar reassesses London Array offshore wind farm project
Masdar has reportedly decided to review the economic viability of the London Array offshore wind farm project.
"The economics of this project should be revisited," said Ziad Tassabehji, director of innovation and investments, Abu Dhabi Future Energy Company (Masdar).
"We are working with our partners to study the feasibility of the project," he told media.
The London Array project, a plan to build 341 turbines with the capacity to generate 1,000 megawatts of electricity, has been in trouble since last May, when Shell pulled out of the project, citing spiralling costs.
A spokesman for E.ON, according to timesonline.co.uk, said that no final decisions had been taken. "We're going through the tendering process for London Array and, until we ensure that the project is economic, we're unable to give it the green light," he said. "However, while the economics are certainly difficult, we're hopeful that the sums will add up and that the project will get built on time."
It was in mid-October last year, when Masdar had bought a 20 percent stake in the wind farm to be installed in the Thames Estuary. Owned by the Abu Dhabi government, Masdar had then joined the London Array's existing partners E.ON and DONG Energy. The investment left Danish firm DONG Energy with a 50 percent stake in the London Array, E.ON with a 30 percent stake and Masdar the remaining 20 percent stake.