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U.K. Green Investment Bank Plans Joint Investments With Masdar

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April 30 (Bloomberg) -- The Green Investment Bank, set up by the British government to help finance offshore wind and waste-to-energy plants, plans to make joint investments with Masdar, Abu Dhabi’s state-owned renewable energy company.

The two institutions will sign a memorandum of understanding tomorrow to explore joint investments in U.K. clean energy projects over the next seven years, the bank said today in a Regulatory News Service statement.

The green bank was set up last year with 3 billion pounds ($4.6 billion) of capital to help stimulate investment in wind, biomass and other projects that cut the carbon output of the U.K. energy mix. Britain is striving to slash CO2 emissions by 34 percent in 2020 from 1990 levels.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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