Dubai: A Greek marine and financial solutions company intends to develop wind and solar energy in the UAE, with an initial investment of 100 million euros (Dh461 million).
Alexander Christodoulakis, president of Portland Group, said there is great potential to develop wind and solar power in the country, and that Dubai could eventually become the site of the biggest solar energy field in the world.
"Billions are being spent on energy and constructions, whereas with a smaller investment, we suggest, Dubai can give an example to the world," Christodoulakis told Gulf News.
"We are looking at an initial investment of 100 million euros, and expanding on this. We will start with in excess of 20 megawatts, and extend to possibly 150 megawatts, in phases," he said.
The interest in renewable and green energies is fast becoming increasingly popular in the UAE, with Abu Dhabi taking the lead to become a regional hub for sustainability. International interest in capitalising on opportunities available here has subsequently grown, with energy demand high, and a growing need to reduce dependency on oil.
"We expect by April that certain commitments will be provided by both sides," Christodoulakis said, adding that an office in Dubai is being planned, which will coordinate progress on green energies, as well as manage part of Portland's marine business which the company also hopes to bring here.
Portland's venture into energy is recent, and plans to develop in Dubai will be as part of a joint venture operation with Asset Logistic. Portland Group's local strategic partner is Inter Emirates, chaired by Shaikh Mohammad Bin Saqr Al Qasimi.