Masdar to Invest More Than $3.5 Billion to Build Onshore and Offshore Windfarms

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Researched by Industrial Info Resources (Sugar Land, Texas)--Energy company Masdar (Abu Dhabi, United Arab Emirates), a wholly owned subsidiary of Mubadala (Abu Dhabi), is a development company that aims to be a global cooperative platform that searches for solutions to pressing problems such as energy security, climate change and the development of human expertise in sustainability.

Masdar hopes to play a decisive role in Abu Dhabi's transition from technology consumer to technology producer, through the following objectives:

• Position Abu Dhabi as a world-class research and development hub for new energy technologies, effectively balancing its strong position in an evolving world energy market.
• Drive the commercialization and adoption of these and other technologies in sustainable energy, carbon management and water conservation.

To satisfy these objectives, Masdar will establish an economic sector in Abu Dhabi for these new industries, which will assist economic diversification and the development of knowledge-based industries, while enhancing Abu Dhabi's record of environmental stewardship and its contribution to the global community.

On May 12, 2009, Dong Energy, E.ON AG (OTC:EONGY) (London, England) and Masdar announced that they would invest $3.07 billion in building the first 630-megawatt (MW) phase of the London Array offshore windfarm in the Thames Estuary. Once complete, the scheme will be the first 1-GW offshore windfarm, as well as the world's largest. The project is expected to supply power for about 750,000 people, and displace the emission of 1.9 million tons of CO2 every year.

"The leadership of Abu Dhabi recognizes the importance of global collaboration and engagement to deploy renewable energy on a large scale," said Dr. Sultan Al Jaber, the chief executive officer of Masdar.

E.ON chief executive officer Dr. Wulf Bernotat said: "I'm delighted that work can now get under way on the world's largest offshore windfarm. We see a significant increase in scale for offshore wind and also for E.ON, as we aim to become the world's largest offshore windfarm developer."

On February 18, 2010, to continue the policy pursued by Masdar, the Egyptian minister of electricity announced the signing of a memorandum of understanding between the ministry and Masdar to launch a cooperative effort between the company and New and Renewable Energy Authority (Cairo, Egypt) (NREA), on behalf of the ministry, to build a 200-MW onshore windfarm in the Suez gulf area.

The minister announced the project will be implemented by Egyptian-Emirates, a company that will be set up to develop renewable energy projects using fundamental cooperation between the ministry and independent energy producers, with electricity transmission company EETC purchasing the produced energy with contracts extended for at least 20 years.

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