Masdar announced recently that it has formed a key partnership which will position Abu Dhabi (United Arab Emigrates) as a leader in renewable energy. The agreement with Conergy AG of Germany, one of the world's most successful renewable energy developers, is a pivotal step in Masdar's plan to develop an entirely new economic sector for the region and bring an advanced global energy network to Abu Dhabi.
The UAE has one of the world's fastest growing economies and is experiencing the most significant real estate growth in its history. Masdar will capitalize on this unprecedented economic growth by becoming the premium developer and installer of photovoltaic systems in the region. Within two years Masdar will provide up to 40MW of capacity -- equivalent to 10,000 homes. The agreement will allow the new partnership to capture the huge potential of the Middle East and North Africa (MENA) market.
The Abu Dhabi Future Energy Company (ADFEC) is Abu Dhabi's vision and investment in the future of energy and environmental sustainability - a private joint stock company established and wholly-owned by Mubadala Development Company. ADFEC drives the Masdar Initiative, a multi-billion dollar, multi-faceted response to the need for a global focus on the development of advanced energies and sustainability-related technologies.
Masdar is designed to ensure that Abu Dhabi grows its share of the global energy market by fostering the development and commercialization of advanced and innovative technologies in renewable, alternative and sustainable energies for a cleaner, safer environment and future.
Masdar has partnered with the world's most prominent companies, educational institutions and investment firms to lead and advance a global strategy of international knowledge and capability to change the way the world understands energy and create a historic, global shift to new energy sources and sustainable resource utilization.