Home / Abu Dhabi to invest US$10bn on green projects
Abu Dhabi to invest US$10bn on green projectsby Kevin Baxter on Jun 10, 2009
The CEO of Masdar, the state-owned company specialising in the development of green energy projects, has said that the company still had major investments to make in various areas and has only spent US$3 billion out of a budgeted $15 billion.
"Another $10 billion by late 2015, early 2016, is our current plan," Sultan Al Jaber is reported by news agency Reuters as saying.
Masdar is committed to a number of high profile renewable energy projects in Abu Dhabi and recently opened a $50 million solar photovoltaic (PV) plant that will generate 10MW of clean energy for the Abu Dhabi municipal grid and make carbon savings of around 15,000 tonnes per year.
The more ambitious 100MW Shams 1 CSP and Shams 2 plants are due to come onstream in 2011 and 2013 respectively.
"We are closing financing for Shams 1 as we speak," Al Jaber is reported as saying.
The centrepiece of all of the Emirate’s green commitments is the carbon-neutral Masdar City. Al Jabar has said that the project will be finished towards the end of the next decade.
Abu Dhabi hopes to generate 7% of its electricity using renewable sources.