Business | General

Masdar seeks $600m to fund city in Abu Dhabi

Masdar, the Abu Dhabi state renewable-energy company, said it's considering plans to raise as much as $600 million (Dh2.2 billion) to fund the construction of the first phase of Masdar City in Abu Dhabi.

  • Bloomberg
  • Published: 22:53 September 27, 2009
  • Gulf News

Abu Dhabi: Masdar, the Abu Dhabi state renewable-energy company, said it's considering plans to raise as much as $600 million (Dh2.2 billion) to fund the construction of the first phase of Masdar City in Abu Dhabi.

"Masdar is seeking financing in the range of $300 million to $600 million over a period of seven years from the first quarter of 2010," the company said in an e-mailed statement yesterday.

Masdar City, currently in its first phase of construction, is approximately 30km from downtown Abu Dhabi. As a cleantech cluster and hub for technology innovation, research and development the city is attracting industry leaders and researchers.

Masdar is partnering with the world's most prominent companies, investment firms and educational institutions to develop and deploy leading technologies, systems and sustainable solutions in Masdar City and in the wider Abu Dhabi and Gulf region.

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