Masdar, Abu Dhabi’s state-owned renewable energy company, is working on a portfolio of renewable power generation projects worth about $5bn, according to Frank Wouters, the director of Masdar Power.
In Spain, the company has three solar projects worth about $1bn, Wouters said at a media briefing in Abu Dhabi on Tuesday. A 20-megawatt plant will start producing power this month and two 50-megawatt facilities will start this year, he said.
Masdar also has stakes in the 1-gigawatt London Array offshore windfarm and a 6-megawatt offshore wind project in the Seychelles.
Abu Dhabi, which holds almost all the oil reserves in the UAE, is investing in solar and wind power all over the world to pioneer the use of renewable energy. The emirate is building Masdar City, a business and residential complex designed to minimize carbon emissions, and serves as headquarters for the International Renewable Energy Agency.
Masdar is a key component of Abu Dhabi’s aim to generate at least 7 percent of the power it uses from renewable sources by 2020. Growth in power demand to more than 20,000 megawatts by the end of the decade would require about 1,500 megawatts from projects such as wind and solar plants, according to data from Abu Dhabi’s utility.