Mubadala, Abu Dhabi Power Corporation and Masdar agree to partnership

Mubadala Investment Company has entered into a strategic partnership agreement with Abu Dhabi Power Corporation and clean energy company Masdar to collaborate on large-scale utilities projects by 2024.

Power generation schemes including about 5 gigawatts from solar and 2GW from conventional sources as well as development of 400 million GW capacity in conventional electricity generation assets along with 4GW from cleaner sources.

The partnership would leverage “the latest technology and innovation for the efficient delivery of Abu Dhabi’s energy needs”, said Masdar chairman and UAE Minister of State Dr Sultan Al Jaber.

“Combining the experience and expertise in conventional power and water solutions of Mubadala with Masdar’s leadership in renewable energy and clean technologies illustrates our shared commitment to the continued modernisation of a cost-efficient, technologically-advanced and environmentally sustainable power and water sector.”

Masdar said on Tuesday it would acquire interests in two US wind farms, making it the first Abu Dhabi company to invest in the renewables industry in North America.

Masdar, which will acquire the two assets from John Laing Group for an undisclosed sum, expects to close the transaction in the first half of this year. In the meantime the deal remains subject to the consent of the government and financing partner.

Masdar is expanding its renewables portfolio regionally and internationally and has energy projects in the UAE, Jordan, Egypt, Morocco, Mauritania, the UK, Spain, Serbia and Montenegro.

The company is at present delivering more than 1.3GW of solar power and 1.4GW of wind energy annually.

Mubadala and Masdar together have more than 8 GW capacity in conventional electricity generation assets

imperial gallons of water production capacity over the next five years form part of the partnership, the companies said yesterday.

The projects will be tendered during the first half of this year by the Emirates Water and Electricity Company, a newly established public utility, and a subsidiary of Abu Dhabi Power Corporation.

Abu Dhabi’s strategic firm Mubadala and Masdar together have more than 8