Masdar aims to expand as clean energy demand rises
Abu Dhabi’s Masdar is planning to enter new markets across the GCC, North Africa, the Indian subcontinent, South East Asia and China as the demand for clean energy rises
Abu Dhabi’s Masdar is planning to enter new markets across the GCC, North Africa, the Indian subcontinent, South East Asia and China as the demand for clean energy rises, its CEO told Gulf News.
“Our footprint will grow in the coming years. There are huge opportunities for Masdar not only in this region but across the globe. The GCC region, North Africa, Levant and the Indian subcontinent will be the key markets for our growth,” Mohammad Jameel Al Ramahi, CEO of Masdar, said.
The company is also targeting a production capacity growth of 20% per annum in the next five years both in solar and wind energy, according to Al Ramahi.
This growth will mainly come from Saudi Arabia, UAE and other parts in the region, he added.
“Saudi Arabia has announced the vision 2030 vision and one of the key components is renewable energy. They have announced nine gigawatt of renewable energy project by 2023. There are solar projects in Dubai and Abu Dhabi which we are bidding. There is a huge market for growth,” he added.
“We are actively seeking to deploy capital and are actively competing for projects. Our target of 20% growth is not only achievable but doable and a must.”
Al Ramahi also said: “The vision announced in Saudi Arabia is a clear indication that renewable energy is going to play an important role in the kingdom. They recently issued an expression of interest in two solar projects. We would like to invest in Saudi Arabia as the market opens up.”
Saudi Arabia plans to generate 9.5 gigawatts of electricity from renewable energy by 2030 as part of Vision 2030 reform plan, Reuters had reported, as the kingdom is investing billions of riyals to expand and nuclear capabilities.