Abu Dhabi's Masdar is aiming to strengthen the UAE's position as one of the world's leading hubs of green energy, knowledge-sharing and collaboration to accelerate sustainable development across the world, its chief executive said in a video message.
“Since our foundation in 2006, our objective at Masdar has been to support the UAE’s pioneering role in the global energy sector and to advance sustainable development in the UAE and internationally,” said Mohamed Jameel Al Ramahi as he looked back at the company’s journey so far.
The video was uploaded by Abu Dhabi Media Office on its official Twitter handle.
As a subsidiary of Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi Government, Masdar is playing an active role in realising the goals of emirate’s renewable energy vision.
"We are helping to develop the UAE's knowledge economy through commercialising renewable energy and sustainable technologies at scale … creating sources of long term revenue for the benefit of future generations while contributing to sustainable growth," Mr Al Ramahi said.
Earlier this month, Masdar launched a global sustainability campaign to mark its 15th anniversary. The campaign, For A Sustainable Future, intends to reinforce the UAE's focus on renewable energy, sustainable technology and sustainable development goals.
The Masdar City-based company is a major player in the renewable energy sector around the globe. It operates in more than 30 countries with a total renewable energy capacity of 10.7 gigawatts representing a combined investment of approximately $19.9 billion.
Masdar aims to double its renewable energy capacity in the next five years from current levels.
“We are also a leader in sustainable urban development as evident by our landmark Masdar City project,” said Mr Al Ramahi.
“Over the last 15 years, we have celebrated many milestones with our partners setting new records for cost-competitive renewable energy and delivering projects of unprecedented scale and ambition,” he added.
On Wednesday, Masdar announced plans to develop a 230-megawatt solar project in Azerbaijan as it continues to expand its renewable energy portfolio. The project is Azerbaijan's first solar plant, funded through foreign investment.
In Central Asia, Masdar is also active in other countries including Uzbekistan, Armenia and Kazakhstan.
The company is building two clean energy projects in Uzbekistan – a 500MW utility-scale wind project and a 100MW solar plant, worth $100 million.
It also signed a memorandum of understanding with Kazakhstan's sovereign wealth fund, Samruk-Kazyna, to develop renewable energy projects in the country earlier this year.
The company is looking at developing new projects in Malaysia, Vietnam, Indonesia and Taiwan. It is also evaluating new investment opportunities in Israel following the normalisation of relations with the UAE last year.