Masdar announced the execution of a share purchase agreement to acquire John Laing Group interest in two wind farms in the United States. Courtesy Masdar
Masdar announced the execution of a share purchase agreement to acquire John Laing Group interest in two wind farms in the United States. Courtesy Masdar
Masdar announced the execution of a share purchase agreement to acquire John Laing Group interest in two wind farms in the United States. Courtesy Masdar
Masdar announced the execution of a share purchase agreement to acquire John Laing Group interest in two wind farms in the United States. Courtesy Masdar

Masdar becomes first Abu Dhabi company to buy renewables assets in North America


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Clean energy company Masdar will acquire interests in two US wind farms, making it the first Abu Dhabi company to invest in the renewables industry in North America.

Masdar, which will acquire the two assets from John Laing Group for an undisclosed sum, expects to close the transaction in the first half of this year, it said on Tuesday. The deal is subject to the consent of the government and financing partner.

“Extending our reach into the United States is a defining moment for Masdar’s clean energy operations and a further step forward in our efforts to expand the company’s global renewable energy portfolio, which now encompasses more than 25 countries,” said Mohamed Al Ramahi, Masdar’s chief executive.

Masdar is expanding its renewables portfolio regionally and internationally and currently has energy projects in the UAE, Jordan, Egypt, Morocco, Mauritania, the UK, Spain, Serbia and Montenegro. The company is delivering more than 1.3 gigawatts of solar power and 1.4GW of wind energy annually.

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“The United States provides excellent commercial potential in the long-term, with a record 6.3 per cent of the country’s electricity generated from wind in 2017,” said Mr Al Ramahi. “We aim to increase our investments in the US in the next few years as we continue to strengthen our current partnerships and explore new business opportunities.”

Under the terms of the deal, Masdar will acquire John Laing’s interest in the 149 megawatt Rocksprings wind farm in Texas and the 29.9MW Sterling wind farm in New Mexico.

Following the completion of the transaction, Masdar will own interest in a partnership with French renewable power producer Akuo Energy, with whom the Abu Dhabi company is already a partner in the 72 Krnovo Wind Farm, Montenegro’s first wind energy project.

“This investment realisation with Masdar will release capital to recycle into new greenfield opportunities in the US and internationally where we remain committed to our strategy investing in renewable energy and other infrastructure,” said Olivier Brousse, John Laing's chief executive.

Separately, Masdar and Taaleri Energia, a Finnish wind and solar developer and fund manager, signed an agreement for a joint venture to develop renewable energy projects in Central and Eastern Europe. The Taaleri Energia SolarWind I fund has invested alongside Masdar in a 158MW wind farm in Serbia, and in the Baynouna Solar Energy Company, which is constructing a 248MW solar PV plant in Jordan, the largest in the country.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

If you go

The flights

Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes. 

The car

Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.

The hotels

Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes. 

More info

To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest. 

 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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