Gulf States to invest in Britain's renewable energy in 'green deal'

By Jane MerrickSunday, 2 November 2008

Gordon Brown is to announce a "Gulf green deal", with oil-rich nations investing in renewable energy in the UK.
The Prime Minister arrived in Saudi Arabia last night as part of a four-day mission to secure billions of pounds from the Gulf States for an expanded IMF bailout fund for nations caught up in the economic chaos. He will call on leaders to maintain oil production to keep prices low and help countries to survive the recession.
The "Gulf green deal", to be unveiled by Energy Secretary Ed Miliband during the visit, will see Qatar and Abu Dhabi invest in renewable energy projects in the UK. Mr Brown said yesterday: "The Saudis and other countries in the Gulf States are very important. They are the countries with great revenues and oil wealth. Everybody has got a part to play in solving the world downturn. I think the oil-rich states will want to play their part."
Two weeks ago Abu Dhabi's Masdar Initiative announced it would invest in the London Array offshore wind farm, buying 40 per cent of E.ON's half share, giving it a 20 per cent stake.
Mr Miliband said: "The Gulf's oil and gas will continue to be a vital source of power for the UK, but with the impending threat of climate change, we need to find cleaner and greener ways of running our economies and heating our homes."