Ryse Energy, a UK-based renewable energy company, has moved its international operations to Masdar City in an effort to capture new opportunities in the off-grid energy sector across the world.
“Ryse Energy is a global leader in renewable off-grid energy systems, and as a primary manufacturer of state-of-the-art wind turbine technologies, we will be looking to manufacture and develop new innovations from our international headquarters within Masdar City and the UAE,” Alistair Munro, founder and chief executive of Ryse Energy, said.
Off-grid renewable power plants, also known as mini-grids, have the potential to provide electricity to as many as 500 million people by 2030, the company said quoting a World Bank report. About $220 billion of investment is needed to build around 210,000 mini-grid projects across the globe.
“With recent wildfires destroying power lines to the national grid and disrupting power supply in North America and Australia, mini-grids have been highlighted as a solution to provide a secure and sustainable source of energy during such crisis situations,” it said.
The installation of mini-grids in sub-Saharan Africa could also provide a reliable source of power to healthcare facilities and boost economic growth in the region, according to the company.
“We are in … [the] most exciting periods of growth, with over 860 companies calling Masdar City home,” Abdulla Balalaa, acting executive director of sustainable real estate at Masdar, said. “We look forward to supporting Ryse Energy’s business operations in the city, as we advance our common aim of providing clean, secure and reliable energy generation to the communities around the world that need it most.”
Renewable energy projects are gaining traction across the world as technological advancements make them more affordable.
About half of the renewable energy capacity added in 2019 was cheaper than that of the least expensive coal plants, according to the International Renewable Energy Agency.
Masdar, which is wholly owned by Mubadala Investment Company, is financing a number of renewable energy projects across the world with investments totalling about $14.3bn.