Masdar and Luxcara explore €5 billion offshore wind and storage deal

Masdar, the Abu Dhabi-based renewable energy investor, and the German asset manager Luxcara have signed a memorandum of understanding to explore a joint investment exceeding 5 billion euros. The partnership aims to target offshore wind projects and battery storage technologies in Germany and potentially other regions.

The agreement was announced during a state visit by the United Arab Emirates to Germany. The collaboration focuses on two strategic pillars for the European energy system: offshore wind to provide large volumes of local electricity and battery storage to enhance grid flexibility and reliability amidst the rise of intermittent renewable energy sources. Implementation remains subject to definitive agreements and regulatory approvals.