Mubadala subsidiary Abu Dhabi Future Energy Company (Masdar) plans to double the renewable energy capacity in the upcoming five years, Reuters reported.
Until now, Masdar has invested around $8.5 billion in renewable projects in the UAE, Britain, the Seychelles, Spain, and the Middle East to build a production capacity of 4 gigawatts.
“We are a growing company, we will be doubling our capacity in the next five years or less. We are pursuing opportunities globally and will be entering new geographies in Asia and the Americas,” CEO Mohamed Al Ramahi told Reuters.
Masdar plans to bid for the solar and wind energy projects launched in Saudi Arabia, according to Al Ramahi.
The 12-year-old company is a preferred bidder for Saudi Arabia’s first wind farm project at Dumat al Jandal in Al Jouf region with a production capacity of around 400 megawatts.
In addition, Masdar is part of the EDF Energies Nouvelles consortium bidding for Morocco’s Noor Midelt solar power project, Al Ramahi pointed out.