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Wind farm plans saved by fund

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By Fiona Harvey

Published: October 17 2008 03:00 | Last updated: October 17 2008 03:00

The world’s biggest planned offshore wind farm was rescued by an Abu Dhabi investment fund yesterday, in the latest example of Middle Eastern investors snapping up UK assets.

The future of the proposed London Array wind farm was thrown into doubt in May when Shell, one of the three initial investors, pulled out of the project as the estimated cost rose from about £1bn to more than £2bn. That left Eon and the Danish group DONG Energy scrabbling to find a new partner.

The Masdar Initiative, a vehicle funded by the Abu Dhabi government and specialising in renewable energy, announced that it would take a 20 per cent stake in the project.

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