UAE's Masdar looks to invest $1bn in new projects

Abu Dhabi’s Masdar will invest AED 4 billion ($1.09 billion) renewable energy projects over the next several years

Mohammed Al-Ramahi, CEO, Masdar
Mohammed Al-Ramahi, CEO, Masdar

Abu Dhabi’s Masdar will invest AED 4 billion ($1.09 billion) in renewable energy projects over the next several years, according to CEO Mohammed Al-Ramahi.

In an interview with Bloomberg TV, Al-Ramahi said that “several” tenders are currently ongoing in the Middle East.

“Masdar is actively participating in these tenders, so if we win, we will definitely deploy the capital and the equity,” he said. “We are commited to investing if these projects come to our end.

“We are also looking at developing renewable energy projects in the off-shore business in Europe, but [also] elsewhere with our strategic patners.

“Southeast Asia continues to be a very attractive market for us, and potentially Sub-Saharan Africa,” he added.

In late November, Masdar announced that it had signed a deal with Indonesian power company PT Pembangkitan Jawa-Bali (PT PJB) for the world’s largest floating solar photovoltaic power plant.

“We are comfortable with that region. That region is growing and they require a lot of energy. Renewable energy is one element of that energy mix, and Masdar will be playing a crucial role there as well,” Al-Ramahi noted.

Although Masdar has the AED4 billion figure in mind, Al-Ramahi said the level of investment depends “on the quality, and the opportunity.”

Commenting on future plans in Saudi Arabia, Al-Ramahi said that Masdar is ‘actively seeking opportunities” in the kingdom’s renewable energy sector.


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