Masdar of Abu Dhabi is financing the world’s largest off-shore wind-power plant in the Thames estuary outside London. Investors from the Middle East account now for 20% of the London real estate market; foreigners in general – 48% of the prime central London sales. The UAE is specially sanguine about London which accounts for 60% of their overseas investments.
Masdar sees London Array phase 1 finished in 2012
By Andy SambidgeSaturday, 9 July 2011
London Array – Masdar Power, a unit of the UAE’s clean energy firm Masdar said on Saturday that the first phase of the world’s largest offshore wind farm was due for completion by the end of 2012. The company, which is a partner in the London Array project, along with DONG Energy and E.ON, said work on the 630MW first phase in the Thames Estuary was progressing well.
Twenty-two of the planned 177 monopile foundations (175 wind turbines and two offshore substations) have been installed to date, the company said in a statement. The project will result in CO2 savings of 925,000 tonnes a year, it added. Located around 20km from the Kent and Essex coasts in England, London Array will cover an area of 100 square km in phase one on the Thames Estuary, and will be connected by undersea cables to a new onshore substation currently being built at Cleve Hill on the North Kent coast.Frank Wouters, director of Masdar Power, said: “The progress of work at London Array marks our commitment to expediting the deployment of utility-scale renewable energy production around the world.
“The offshore wind farm additionally reflects the community’s swift adoption of renewable and clean energy technologies.”
The London Array is set to contribute to the expanding wind energy sector of the UK, which installed 653MW in fresh capacity to account for more than half of the global offshore wind energy market in 2010. Once completed, it will supply enough power for approximately 750,000 homes in Greater London.
Offshore represents 26 percent of the UK’s total wind capacity of which 59 percent was added in 2010, according to estimates by the World Wind Energy Association (WWEA).
The global installed wind energy capacity is expected to jump from 196,630MW in 2010 to 600GW by 2015 and further to 1,500GW by 2020, the World Wind Energy 2010 report predicted.
The total global installed offshore wind capacity reached 3,117.6MW, of which 1161.7MW was added in 2010, representing a growth rate of 59 percent.In terms of new installations, offshore capacity accounted for 3.1 percent during the year, the WWEA report said.
Middle East buyers are now behind 20 percent of all prime central London real estate deals following a rapid rise in interest over the past 12 months, IP Global has said: The property investment company said the capital city of England was “one of the most attractive in the world” in terms of Middle Eastern investment.
The firm said in a new report that overseas property investors now accounted for 48 percent of all prime central London property purchases.
It added that Middle Eastern buyers accounted for 20 percent of overall purchases, saying the figure had “risen rapidly over the past 12 months”.
Real estate consultants Knight Frank said last month that prices have risen 34 percent since their recent post-credit crunch low in March 2009 and prices were now at a record high, two percent higher than their previous peak in March 2008.
IP Global added that 60 percent of all UAE investment has been in London, with the remaining 40 percent in Asia Pacific.
“This signals a positive outlook for London’s property market, as it accounts for nearly 100 percent growth on IP Global’s 2010 figures.
“Demand for London property and especially its ‘trophy’ assets of Belgravia, Knightsbridge, Mayfair and Chelsea have traditionally been a key requirement for investors from the GCC, and IP Global predicts that Central London will continue to lead the pack in terms of growth throughout 2011,” IP Global said in a statement.
Tim Murphy, CEO of IP Global, said: “London has emerged as one of the top property investment hotspots in the world, especially for Middle East investors.
“While London has always been a prime property market, factors such as the recent unrest in some parts of the Middle East and the rising inflation in Asia have added to London’s appeal as a preferred investment destination for potential property buyers. London has seen a strong start to the year and we expect this to carry on through 2011.”
To date, IP Global said it has invested over $900m in 19 markets across the globe on behalf of its clients.
Last month, Knight Frank said prices of prime London property rose 0.9 percent in June, contributing to annual growth of 8.3 percent.
It revised its forecast for prime central London price growth from three percent to nine percent this year.