Abu Dhabi Future Energy Company Masdar and asset manager Luxcara have signed a memorandum of understanding to explore joint investments of more than €5bn in battery storage and offshore wind projects across Germany and beyond.
Under an agreement signed during a UAE State Visit to Germany, the partnership aims to build large-scale renewable generation and storage capacity across Germany and wider European markets, subject to final agreements.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Germany and Europe generally is an important strategic market for Masdar, where we have built a strong track record across offshore wind and other renewable technologies.
“This agreement with Luxcara gives us the opportunity to deepen that presence, while bringing together two technologies that will be increasingly important to the future of power: large-scale renewable generation and battery storage.”
Alexandra von Bernstorff, managing partner at Luxcara, said: “We are exploring a promising partnership with Masdar that could bring meaningful investment into Germany’s offshore wind and battery storage sector.
“With a potential joint investment volume of more than €5bn, this cooperation underlines Luxcara’s commitment to advancing Germany’s energy-transition infrastructure.”
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