Abu Dhabi to build US$350m solar power plant
by Arabian Business Staff, 25 February 2007
source: ArabianBusiness.com
http://www.arabianbusiness.com/index.php?option=com_content&view=article&id=8284
The government of Abu Dhabi will build a US$350m solar power plant, the first of its kind in the world’s biggest oil exporting region, an investor in the project has said. The 500 megawatt plant, expected to begin operations in 2009, is part of Abu Dhabi’s drive to cut dependence on hydrocarbon power generation, said Sultan al-Jaber, chief executive of state-owned Abu Dhabi Future Energy Company.
Future Energy, a subsidiary of government-owned Mubadala Development Company, and the Abu Dhabi Water & Electricity Authority will fund the plant with other investors. Abu Dhabi holds more than 90% of the oil reserves of the United Arab Emirates, the seven-member federation.
“The emirate eventually hopes to provide solar power to 10,000 homes and is setting up a special economic zone for the alternative energy industry,” the CEO Al-Jaber said. “We… do not want to be 100% dependent on [hydrocarbon power],” Jaber continued. “We have an economic development programme dedicated to establishing an entirely new economic sector focused on alternative energy and sustainable technologies.
“The plant will be the first of its kind in the Gulf, home to oil and gas producers who supply a fifth of the world’s energy needs,” Al Jaber continued. “Abu Dhabi is truly leveraging its financial and human resources effectively into the high-tech, highly-skilled industries of the future.”
“Abu Dhabi knows the energy business rather well. It also enjoys competitive advantages allowing it to successfully establish these new industries, while simultaneously diversifying its economy and providing high-quality job opportunities,” he added.
The world’s leading experts, innovators, scientists, and venture capitalists in the field of future energy will converge on Abu Dhabi in January 2008 for the First World Future Energy Summit (WFES) to be held at the new Abu Dhabi National Exhibition Centre. WFES will host over 150 of the world’s most renowned speakers, innovators, and experts in clean energy, alongside a 14,000 sq m exhibition showcasing the present and future state of alternative energy technology.