Two green energy companies partner to promote renewable energy in the UAE and Saudi Arabia.
According to reports, the two firms, King Abdullah City for Atomic Renewable Energy (KACARE), from Saudi Arabia, and Masdar, from Abu Dhabi, have agreed to jointly invest in green technology investment funds and alternative energy projects in the two regions.
The two firms are anticipated to create opportunities for advanced clean technology research and development.
The primary focus of the collaborative research and development efforts are being placed on the renewable energy sources solar, water and wind. The KACARE President Hashim bin Abdullah Yamani has said that KACARE is pleased to have made this deal with Masdar.
The president said that Masdar has a well established track record and has shown solid achievement throughout the past eight years in the renewable energy sector. He added that they have confidence that their “combined efforts will contribute to the implementation of renewable energy projects in the region and around the world.”
Among the Gulf Cooperation Council (GCC) countries, the United Arab Emirates (UAE) and Saudi Arabia have both set specific clean energy production targets. By 2020, the goal of the UAE is to spend nearly US$120 billion on alternative energy. Saudi Arabia, on the other hand, intends to spend an estimated US$109 billion by 2032 on the development of its solar energy and nuclear power capacity.
Masdar has set up almost a thousand MW of alternative energy projects in the UAE and globally.
Masdar is a fully owned subsidiary of Mubadala Development Company, which is owned by the government of Aub Dhabi. One of the chief businesses of Masdar is the production of clean energy. In the UAE and around the world, the renewable energy company has deployed nearly 1,000 megawatts (MW) of power from green energy developments. Some of these projects include a 6 MW wind farm in Seychelles, a 15 MW solar PV (photovoltaic) energy plant in Mauritania, and a 500 KW solar PV power plant in Tonga on the island of Vava’u.
“By sharing our knowledge and experience with KACARE, we believe that together we can further advance the use of renewables and ensure our long term economic and energy security.”Sultan Ahmen Al-Jaber, the chairman of Masdar, said of the alternative energy agreement.