Investments and Developments Made Across Solar, Hydrogen, Carbon Reduction, Green Design, Higher Education
ABU DHABI, United Arab Emirates, Jan. 23 /Xinhua-PRNewswire/ -- Masdar, Abu Dhabi's $15 billion future energy initiative, has made significant steps forward in its ambition to make Abu Dhabi the global centre for future energy.
As a long-term strategic and financial initiative, Masdar aims to create an entirely new economic sector in Abu Dhabi turning it into an exporter of technology. Since its inception in April 2006, Masdar has been working to bring this initiative to life and many of the building blocks are now in place.
The highlights of this period include:
-- The Masdar Clean Technology Fund ( www.masdarctf.com ), an investment
fund dedicated to advancing renewable energy and sustainable
technologies, has concluded its first year of operations with one of
the strongest and most successful deal flows in the investment
community. The $250 million dollar fund has already deployed most of
its capital, one year ahead of schedule.
The fund has invested in many expansion stage companies focused on
the development and commercialisation of promising technologies in
renewable energy like solar, energy efficiency, water reuse and
desalination -- all technologies with relevance for Abu Dhabi, the
UAE and the Middle East and North Africa region.
-- Masdar provides market-driven incentives for carbon management, by
monetising greenhouse gas emission reductions in compliance with the
Clean Development Mechanism (CDM) framework of the Kyoto Protocol.
Masdar is leveraging the CDM to promote sustainable growth in the
region offering companies in developing economies the opportunity to
receive tradable "carbon credits" against project-based emissions
reduction. Masdar provides an end-to-end solution for project
developers under the CDM, including investment, technical assistance,
project management and carbon finance.
-- Masdar is currently developing a portfolio of CDM projects with major
asset owners in the UAE and the Middle East -- including Abu Dhabi
National Oil Company (ADNOC), Abu Dhabi Water and Electricity
Authority (ADWEA) and Dubai Aluminum (DUBAL).
-- Masdar also advances sustainable infrastructure projects, leading to
sizeable carbon emission reductions, with a particular focus on CO2
Capture and Storage (CCS). In March 2007, Masdar announced a
strategic initiative aiming to develop an Abu Dhabi-based national
CCS network for enhanced oil recovery. This initiative started with
a comprehensive feasibility study conducted in the second half of
2007, to assess the economics and evaluate options for CO2 capture
from industrial and power generation facilities in Abu Dhabi and
delivery to oil reservoirs. The study will recommend the first carbon
capture project planned for kick-off in 2008 as well as the road map
to develop the national network.
-- Masdar has recently signed an agreement with BP and Rio Tinto to
conduct a feasibility study on the front-end engineering design of an
industrial-scale hydrogen-fired power generation project with carbon
capture and storage. The project will be the largest of its kind in
the world, and will provide 500MW of clean power.
-- Masdar's progress in solar technology has been developing and will
soon release an invitation to build, own and operate a 100 MW
Concentrating Solar Power ("CSP") plant in Madinat Zayad, Abu Dhabi --
the first of many CSP plants in Abu Dhabi and the UAE, which will
feed power to existing grids. The plant will use parabolic trough
technology and is expected to be operational by the end of 2010.
-- Over the past two months a major photovoltaic panel field test has
been underway, which aims to evaluate the performance and efficiency
of different PV models within the Abu Dhabi environment. This is the
first test of its kind in the world and is located at the future site
of Masdar City, with the energy created by the panels already feeding
back into Abu Dhabi's grid.
-- The faculty for the Masdar Institute of Science and Technology (MIST)
is now formed and is already conducting research in 12 different
areas. The faculty will support the drive to create the next
generation of energy leaders here in Abu Dhabi and around the world.
In partnership with the Massachusetts Institute of Technology (MIT),
MIST is the world's first graduate level institution focused on
alternative energy and sustainability, ensuring a ready supply of
highly skilled graduates to meet the growing demand within the clean
technology and sustainable energy sectors.
-- The Masdar Research Network is mobilising and has signed up many of
the world's leading institutions in the sustainable energy industry
including Columbia University, USA; Imperial College of London, UK;
RWTH Aachen University, Germany; University of Waterloo, Canada;
Tokyo Institute of Technology, Japan; The German Aerospace Center
(DLR); Ciemat: Energy Research Center, Spain. The MRN is already
working with Tokyo Institute of Technology in the research of beam
down solar technologies, with the first facility of this type being
planned for Masdar City.
-- The Abu Dhabi government through Masdar this week announced the
establishment of the Zayed Future Energy Prize, which awards of over
$US2 million annually to honour individuals and organizations for
their excellence and innovation in the innovation, development and
implementation of sustainable energy solutions.
-- The Zayed Future Energy Prize will be awarded to three individuals or
organisations that have made significant contributions in the global
response to the future of energy. The award is named after the
United Arab Emirates founding father and conservationist His Highness
the late Sheikh Zayed Bin Sultan Al Nahyan and will be chaired by
R.K. Pachuari, Chairman of the Nobel Prize winning Intergovernmental
Panel on Climate Change.
Looking forward, Masdar will continue to look for opportunities to invest in and develop technologies across solar, wind, hydrogen, carbon reduction, green design and higher education.
In February 2008, Masdar will break ground of the world's first zero -carbon, zero-waste, car-free city. The city, growing eventually to 1,500 businesses and 50,000 residents, when completed in 2016, it will be home to international business and top minds in the field of sustainable and alternative energy.
Electricity will be generated by photovoltaic panels, while cooling will be provided via concentrated solar power. Water will be provided through a solar-powered desalination plant. Landscaping within the city and crops grown outside the walled city will be irrigated with grey water and treated waste water produced by the city's water treatment plant.
Dr Sultan Al Jaber, Chief Executive Officer of Masdar said, "Masdar has a simple promise -- to be the world's centre for future energy solutions. It is not about discussion. It is about action.
"I am very pleased with the progress Masdar has made over the past 21 months. We are making bold but strategic investments; applying scale and capital to drive down the cost of renewable energy, accelerating innovation, sponsoring research and building human capital.
"Our promise is as multi-faceted as the problem, which is why we have deployed a basket of solutions to develop and deliver sustainable solutions to meet the world's future energy needs."
More about Masdar
In April 2006, Abu Dhabi launched Masdar, a multi-faceted, multi-billion dollar investment in renewable and alternative energy and clean technology. Masdar is helping to explore, develop and commercialize such future energy sources, including solar and hydrogen power. In 2008, Masdar will break ground for Masdar City, the world's first zero-carbon, zero-waste, car-free city, which will eventually be home to 1,500 businesses and 50,000 residents.
For more information about Masdar please visit http://www.masdaruae.com or email: mediamasdar@edelman.com.
More about the World Future Energy Summit
From January 21-23, 2008, Masdar is hosting the inaugural World Future Energy Summit (WFES), bringing together the world's leading innovators, educators, scientists, venture capitalists and experts in the field of alternative and renewable energies. The summit will be the largest meeting of the "future energy" movement and the premier event for world leaders to preview new solutions and technologies and seek partners. The summit will be a carbon-neutral certified event.
For more information about WFES, please contact Lindsey Bredin at +971-50-379-0348 or l.bredin@turretme.com or please visit http://www.wfes08.com .
CONTACT:
Desmond Crofton
Tel: +852-2837-4743
Email: desmond.crofton@edelman.com
Ashley Hegland
Tel: +852-2837-4714
Email: ashley.hegland@edelman.com
