Masdar Clean Tech Fund Soldiers On

Jan 28 2009 | 9:57am ET

Abu Dhabi's Masdar Clean Tech Fund, a $250 million private equity fund, announced Monday it would press on with plans to spend billions on renewable energy projects despite the financial crisis and falling oil prices.

Masdar's HeadquartersMasdar's Headquarters“The current financial situation has no impact whatsoever on Masdar’s intended and planned projects. Our appetite is still the same and we are still pursuing and proceeding with all the projects already announced and we also have an appetite to look for the right opportunities,” said Dr. Sultan Ahmed Al Jaber, chief executive officer of Masdar, at a press conference at the World Future Energy Summit in Abu Dhabi last week.

Masdar's plans include an agreement with the Seychelles government to invest in wind energy, solar energy and waste-to-energy technologies, full details of which are to be announced on Tuesday.

The Seychelles interest in clean tech is self-explanatory: the island state is under direct threat from rising sea levels associated with global warming. Phase one of the plan involves generating 18MW of electricity – enough to supply 15% of Mahé Island's total energy demand – from wind power.

Masdar aims to monetize the Seychelles' renewable energy projects by certifying them under the UN's Clean Development Mechanism (CDM) offsetting scheme and then selling the resulting carbon credits.

The investment fund also announced plans to work with the Nigerian National Petroleum Corporation (NNPC) to reduce gas flaring and promote energy efficiency in Nigeria – projects that will also apply for CDM certification.

Masdar currently has three projects in Spain and is building a solar manufacturing plant in Germany. In addition, it is continuing work on its $22 billion Masdar City, the world's first carbon-neutral, zero-waste city. The project has received $300 million in funding from the Abu Dhabi government.

Who is investing in clean technology?
Find out, visit our sister publication 
CleanTech Brief


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.