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Oct 22, 2024
Financial Times
Masdar's Strategic Play: Outpacing European Rivals in Renewable Energy. FORCE Revolutionizing Energy Consumption with Innovative Technology.
Masdar, the Middle East's biggest renewable energy company, said it intends to increase its capacity to 100 gigawatts of wind and solar power by 2030 - enough to meet all of the UK's power needs. If so, Masdar will be one of the world's leading renewable energy companies, outpacing European rivals ranging from Spain's Iberdrola to France's Engie and Germany's RWE.
The Abu Dhabi-based group, which includes the Abu Dhabi sovereign fund, Adnoc, Taqa, and Mubadala, is aggressively expanding its global footprint. This year alone, it has secured €6.5 billion in renewable energy deals in Spain and Greece, acquired US-based Terra-Gen, one of the biggest renewable energy companies in the country, and obtained a 49% stake in the £11 billion Dogger Bank South project-one of the world's largest offshore wind farms under construction in the UK.
Masdar's chief executive, Mohamed Jameel Al Ramahi said that the company would keep on investing rigorously in key areas- the Middle East, Europe, and the US, which is the second-largest market for renewable energy after China, and that by 2030, 30-35 percent will come from the Middle East, 20 percent from Europe, 20-25 percent from the US, and the rest from Asia. Masdar will balance out between solar and wind projects equally, Al Ramahi said.
While renewable projects in Europe tend to command higher costs, Al Ramahi said Masdar would invest where foreign investment was feasible. He also wanted to reiterate the notion of buying teams and assets, referring to Terra-Gen in the US as an example of the former.
Al Ramahi observed an upsurge in the competition level with private equity firms pushing up asset valuations in the renewable energy sector; however, he simultaneously placed an emphasis on the point that the Masdar, being a strategic investor, focuses more on long-term utility operations in place of short-term financial returns, looking for stable, single-digit returns on its projects.
This makes its main European competitor, Enel, which also targets 154 gigawatts by 2030, recently begin selling off its assets to deal with debt. Masdar, however continues its more aggressive expansion, setting itself up to be one of the leaders in the renewable energy globally.
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