Abu Dhabi-based energy company Masdar and German infrastructure asset manager Luxcara have signed a memorandum of understanding (MoU) for a strategic partnership focused on battery energy storage and offshore wind projects in Germany.
The agreement was announced during the United Arab Emirates’ state visit to Germany. The companies said they plan to invest more than €5 billion in battery storage, offshore wind farms and potentially other technologies.
Masdar CEO Mohamed Jameel Al Ramahi said Germany and Europe are strategic markets for the company. The partnership with Luxcara is expected to strengthen Masdar’s European platform as it seeks to invest across the renewable energy value chain through 2030.
Masdar has set a target of reaching 100 GW of renewable energy capacity by 2030.
Luxcara Managing Partner Alexandra von Bernstorff said the proposed partnership could bring significant investment to Germany’s offshore wind and battery storage sectors. She said the potential joint investment volume of more than €5 billion demonstrates Luxcara’s commitment to developing infrastructure for Germany’s energy transition.
The companies said the partnership will primarily target battery storage and offshore wind projects, with the potential to include additional technologies.
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