Abu Dhabi's Masdar in US 'for the long term'

Abu Dhabi's Masdar is aiming to “grow beyond tenfold” in the US within the next three to seven years, the head of its Americas affiliate said on Tuesday.

Speaking during a panel session at the 2024 SelectUSA Investor Summit, Masdar Americas president and chief executive Philip Haddad said the clean energy company was looking to achieve this growth by investing in development and operating platforms.

Masdar in March agreed to acquire the US clean renewable energy power producer Terra-Gen – one of the largest independent renewable energy producers in the US – from Energy Capital Partners.

Masdar hopes to complete the deal by the end of this year.

“We're here for the long term … and it's a very exciting time in our industry to be in the US especially,” Mr Haddad said.

Masdar made its first investment in the US energy market in 2019. The Abu Dhabi-based company says the US will play an integral role as Masdar looks to build a global renewable energy portfolio of at least 100 gigawatt capacity by 2030.

“Our biggest source of growth will be in the US,” Mr Haddad added.

The company also acquired a 50 per cent stake in California's Big Beau project last year.

Masdar's US portfolio consists of four utility-scale wind projects in Texas and New Mexico, as well as five solar projects in California. The Big Beau project is one of two that features battery energy storage systems, the company says.

Mr Haddad highlighted several factors he said made the US a favourable environment for the company, including clean energy credits from President Joe Biden's Inflation Reduction Act, as well as the US energy transition and the country's talent pool.

Mr Haddad also noted “micro challenges” for the company in the US including permitting, grid enhancement and supply-chain issues.

The Masdar Americas chief executive was part of a large UAE contingent to descend upon the Investor Summit, an annual event looking to attract foreign direct investment into the US.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, led a group of 35 Emirate businesses, the largest delegation the UAE has sent to the event.

In a statement, the UAE embassy in Washington said the visit underscores the Emirates' commitment to strengthening economic ties with the US, where it has already invested more than $1 trillion.

The delegation was also led by Martina Strong, US ambassador to the UAE.

Reputation

Taylor Swift

(Big Machine Records)

Museum of the Future in numbers

78 metres is the height of the museum
30,000 square metres is its total area
17,000 square metres is the length of the stainless steel facade
14 kilometres is the length of LED lights used on the facade
1,024 individual pieces make up the exterior
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What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.