London: Masdar, a Mubadala Company, has an equity contribution of $1.7 billion in clean energy portfolio worldwide. It has a target for commercial benefits from these investments that would bring positive yields to the company from a combination of solar and wind energy mix, Bader Al Lamki, director of Masdar Clean Energy, told Gulf News yesterday.
“In the near future we will be witnessing an increase in demand on clean energy, particularly in the Middle East and North Africa (Mena) region. We are interested in a number of Mena markets,” said Al Lamki.
“We tendered in Morocco where we try to find scope and opportunities there. We seek investments in Jordan and the kingdom of Saudi Arabia,” he added.
Moreover, Masdar is also interested in investing in countries where investment is lucrative, he said.
To invest, Masdar takes into consideration the stability of the country, the regulatory frameworks, government incentives, it’s solar and wind resources and the long-term investment prospects.
“For example, KSA targets 41 GW capacity of solar energy by 2030, Qatar has other ambitious goals too. We would like to benefit from our experiences and technologies to launch clean energy projects in the Mena region and worldwide,” Al Lamky stressed.
The reasons behind the rise in demand on clean energy stems for the increase in population, economic growth which requires strategic industries and water desalination.
He pointed out that today’s world is facing unprecedented challenges which are climate change and energy security.
“This prompts us in Masdar to partner and collaborate with other countries and companies as our contribution would really change the lives of many people as what had happened to our investment in Seychelles and Mauritania,” said Al Lamky.
“Masdar is also spreading its clean energy vision to projects across the region including a wind farm in the Seychelles with investment of $ 28 million to generate about 8 per cent of the country’s electric needs. though this is a small figure but it really counts and helps change people’s lives. We also had launched a 15MW Solar PV farm in Mauritania to produce 10 per cent of the country’s power needs,” he explained.
He referred to the UAE’s strategy and vision to diversify its energy mix and expand the UAE’s range of commercial energy expertise.
“Masdar Clean Energy invests in the development of large-scale clean energy projects, ranging from utility-scale wind and solar to energy efficiency and carbon capture and storage (CCS),” said the director.
Internationally, Masdar Clean Energy has invested in the development of some of world’s highest-profile utility-scale renewable energy projects including: Torresol, a joint venture with SENER that operates 120MW worth of CSP plants in Spain; and the 630MW (Phase 1) London Array offshore wind farm — the largest offshore wind farm in the world.