Abu Dhabi: Masdar is planning to tap new markets in the Gulf region, North Africa, the Indian subcontinent, South East Asia and China as the demand for clean energy goes up, the new Chief Executive Officer of Masdar told Gulf News in an interview.
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Mohammad Jameel Al Ramahi, Masdar CEO Image Credit:Clint McLean |
“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,” said Mohammad Jameel Al Ramahi, who took over as the CEO of the company from Ahmad Belhoul in February.
Belhoul was appointed as the new Minister of State for Higher Education.
Outlining his vision for the company, Al Ramahi said they are targeting a production capacity growth of 20 per cent per annum in the next five years both in solar and wind energy. According to him, the growth will mainly come from Saudi Arabia, UAE and other parts in the region.
“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.”
“We are actively seeking to deploy capital and are actively competing for projects. Our target of 20 per cent growth is not only achievable but doable and a must.”
Speaking on Saudi Arabia, he said the country has all the resources for solar, wind and geothermal energy that can be tapped in.
“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, a report by Reuters said. The country is investing billions of riyals to expand and nuclear capabilities.
King Abdullah City for Atomic and Renewable Energy (Kacare) is leading the Kingdom’s drive toward diversification of energy sources, with special emphasis on solar energy.
In the UAE, Masdar has several projects including the Shams concentrated solar project in the Western region and the first photo voltaic power plant in Masdar City. It is constructing the first commercial scale carbon capture facility with provision to capture 800,000 tons of carbon from Emirates steel. The project is set to be inaugurated later this year.
“We are actively seeking new projects in the UAE. We participated in the 800 megawatt Dubai Electricity and Water Authority (Dewa) bid for solar plant and 300 megawatt Sweihan plant in Abu Dhabi is in tendering stage. We would love to invest in Dubai and be part of the renewable energy vision of the emirate.”
The success of Masdar in renewable energy projects has brought the attention of many countries across the globe, he said.
“When we did the projects in Pacific region, it attracted the interests of the large countries like New Zealand and Australia. In fact, New Zealand has cofounded the project with the UAE in Pacific Islands which Masdar has developed. A lot of other countries are coming forward to asking us if we can help them develop and identify projects in other areas in Asia and Africa.”
Through the UAE-Pacific Partnership Fund’s two cycles of financing provided by the Abu Dhabi Fund for Development, eleven renewable energy projects have been delivered to Pacific Island nations of Solomon Islands, Palau, Marshall Islands, Nauru, and the Federated States of Micronesia last month, according to Masdar.
The clean energy company owned by Mubadala has invested around $2.7 billion (Dhs10 billion) in projects around the world over the last ten years, with 1-gigawatt (GW) of installed capacity and 0.7GW under development.
Masdar’s renewable energy projects span Abu Dhabi, Oman, Jordan, Mauritania, Egypt, Morocco, the UK, Spain, Seychelles, and the Pacific Islands.
Profile
Al Ramahi was appointed Chief Executive Officer of Masdar in February. He joined the company in 2008 as Head of Internal Audit and Compliance. Later, he held various positions in the company including Chief Financial Officer and Chief Operating Officer.
In addition to his responsibilities as CEO, Al Ramahi serves on the board of a number of prominent companies, joint ventures and special entities, including the Dudgeon Offshore Wind Farm in the UK, the Masdar Solar Wind Cooperative, Masdar Investment Committee, and Torresol Energy.
Before joining Masdar, he was head of the Internal Audit and Risk Management Office at Gasco. He earned a bachelor’s degree in business administration and finance from the University of Evansville in the US.
