Abu Dhabi clean energy company Masdar is considering “transformative” acquisitions to expand its footprint in the US and Europe, according to its chief operating officer.
The company is “actively” screening the market not only for acquisitions, but also for greenfield and brownfield projects as well as opportunities to support small renewable energy developers, Abdulaziz Alobaidli told The National.
“Those are very attractive markets and very well-developed markets and we certainly would like to increase our footprint [there],” Mr Alobaidli said.
The US Inflation Reduction Act, which was enacted last year, offers a series of tax incentives on wind, solar, hydropower and other renewables, as well as a push towards electric vehicle ownership.
It is expected to spur about $3 trillion of investment in renewable energy technology, according to Goldman Sachs.
Meanwhile, the REPowerEU Plan aims to increase the share of renewables in the EU energy mix to 45 per cent by 2030.
Onshore solar, onshore wind, and offshore wind constitute the core investment focus for Masdar, he said. He added that that the company invests in other technologies, such as geothermal, waste-to-energy and hydropower, on an “opportunistic” basis.
Earlier this year, Masdar closed the deal to acquire a 50 per cent stake in the California-based Big Beau project from EDF Renewables.
Masdar, established in 2006, is working towards a renewable energy portfolio capacity of at least 100 gigawatts by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year. It is currently active in more than 40 countries.
The company is open to expanding into China, the world’s largest renewable energy producing country, at the “right time” and with the “right partner”, Mr Alobaidli said.
“It's about opportunities … [and] prioritising your investments, based on returns, maturity of technology [and] finding the right opportunity and the right partner.”
Masdar will also continue boosting its presence in its core markets such as the Commonwealth of Independent States region, Mr Alobaidli said.
Last week, Saudi Arabia's private utility Acwa Power signed an initial agreement with Masdar, and State Oil Company of Azerbaijan Republic to develop 500 megawatts of renewable energy projects in the Central Asian country.
In October, Masdar announced the inauguration of the 230MW Garadagh Solar Park in Azerbaijan, the region’s “largest” operational solar plant.
Masdar will continue to fund its projects through the issuance of green bonds, in addition to other instruments available in the market, the renewable energy executive said.
The size of the offerings would depend on the number of projects being financed and other sources of funding available at the time, Mr Alobaidli said.
In August, the company listed its first green bond on the London Stock Exchange to fund its new projects.
Masdar completed its issuance for the $750 million green bond offering in July through the sale of 10-year senior unsecured notes. The offering was 5.6 times oversubscribed, with the order book peaking at $4.2 billion, following strong appetite from regional and international investors.
The market for green and sustainable bonds and sukuk is booming in Gulf Co-operation Council economies as governments in the oil-rich economic bloc push to meet their net-zero commitments.
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
