January 7, 2019 / 10:17 AM / 9 months ago

Abu Dhabi's Masdar to double renewables capacity in five years - CEO

ABU DHABI, Jan 7 (Reuters) - Abu Dhabi Future Energy Company (Masdar) plans to double its renewables energy capacity in five years with new projects in Asia and the Americas, its chief executive said on Monday.

Masdar, wholly-owned by Abu Dhabi’s Mubadala Investment Company, has till now invested $8.5 billion to build capacity of 4 gigawatts (GW) in renewables projects in the United Arab Emirates, Britain, Seychelles, Spain and the Middle East.

“We are a growing company, we will be doubling our capacity in the next five years or less. We are pursuing opportunities globally and will be entering new geographies in Asia and the Americas,” CEO Mohamed Jameel al Ramahi told Reuters.

Abu Dhabi, like other Gulf oil producers, wants to reduce reliance on crude. Neighbouring Saudi Arabia, the world’s biggest oil exporter, has also launched a $50 billion renewables energy push. Masdar would bid for solar and wind energy projects in the kingdom, al Ramahi said, speaking before the World Future Energy Summit in Abu Dhabi on Jan. 14-17. The 12-year-old company is a preferred bidder for Saudi Arabia’s first wind farm project at Dumat al Jandal in the northern Al Jouf region. The project will have 400 megawatt (MW) capacity.

Masdar is part of the EDF Energies Nouvelles consortium bidding for Morocco’s Noor Midelt solar power project, al Ramahi said. (Reporting by Stanley Carvalho Editing by Edmund Blair)

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