Masdar Announces Major Progress on Future Energy Strategy

Investments and Developments Made Across Solar, Hydrogen, Carbon Reduction, Green Design, Higher Education

Abu Dhabi (ANTARA/Xinhua-PRNewswire-AsiaNet) - Masdar, Abu Dhabi's $15 billion future energy initiative, has made significant steps forward in its ambition to make Abu Dhabi the global centre for future energy.

As a long-term strategic and financial initiative, Masdar aims to create an entirely new economic sector in Abu Dhabi turning it into an exporter of technology. Since its inception in April 2006, Masdar has been working to bring this initiative to life and many of the building blocks are now in place.

The highlights of this period include:

-- The Masdar Clean Technology Fund ( www.masdarctf.com ), an investment fund dedicated to advancing renewable energy and sustainable technologies, has concluded its first year of operations with one of the strongest and most successful deal flows in the investment community. The $250 million dollar fund has already deployed most of its capital, one year ahead of schedule.

The fund has invested in many expansion stage companies focused on the development and commercialisation of promising technologies in renewable energy like solar, energy efficiency, water reuse and desalination -- all technologies with relevance for Abu Dhabi, the UAE and the Middle East and North Africa region.

-- Masdar provides market-driven incentives for carbon management, by monetising greenhouse gas emission reductions in compliance with the Clean Development Mechanism (CDM) framework of the Kyoto Protocol. Masdar is leveraging the CDM to promote sustainable growth in the region offering companies in developing economies the opportunity to receive tradable "carbon credits" against project-based emissions reduction. Masdar provides an end-to-end solution for project developers under the CDM, including investment, technical assistance, project management and carbon finance.

-- Masdar is currently developing a portfolio of CDM projects with major asset owners in the UAE and the Middle East -- including Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Water and Electricity Authority (ADWEA) and Dubai Aluminum (DUBAL).

-- Masdar also advances sustainable infrastructure projects, leading to sizeable carbon emission reductions, with a particular focus on CO2 Capture and Storage (CCS). In March 2007, Masdar announced a strategic initiative aiming to develop an Abu Dhabi-based national CCS network for enhanced oil recovery. This initiative started with a comprehensive feasibility study conducted in the second half of 2007, to assess the economics and evaluate options for CO2 capture from industrial and power generation facilities in Abu Dhabi and delivery to oil reservoirs. The study will recommend the first carbon capture project planned for kick-off in 2008 as well as the road map to develop the national network.

-- Masdar has recently signed an agreement with BP and Rio Tinto to conduct a feasibility study on the front-end engineering design of an industrial-scale hydrogen-fired power generation project with carbon capture and storage. The project will be the largest of its kind in the world, and will provide 500MW of clean power.

-- Masdar's progress in solar technology has been developing and will soon release an invitation to build, own and operate a 100 MW Concentrating Solar Power ("CSP") plant in Madinat Zayad, Abu Dhabi -- the first of many CSP plants in Abu Dhabi and the UAE, which will feed power to existing grids. The plant will use parabolic trough technology and is expected to be operational by the end of 2010.

-- Over the past two months a major photovoltaic panel field test has been underway, which aims to evaluate the performance and efficiency of different PV models within the Abu Dhabi environment. This is the first test of its kind in the world and is located at the future site of Masdar City, with the energy created by the panels already feeding back into Abu Dhabi's grid.

-- The faculty for the Masdar Institute of Science and Technology (MIST) is now formed and is already conducting research in 12 different areas. The faculty will support the drive to create the next generation of energy leaders here in Abu Dhabi and around the world. In partnership with the Massachusetts Institute of Technology (MIT), MIST is the world's first graduate level institution focused on alternative energy and sustainability, ensuring a ready supply of highly skilled graduates to meet the growing demand within the clean technology and sustainable energy sectors.

-- The Masdar Research Network is mobilising and has signed up many of the world's leading institutions in the sustainable energy industry including Columbia University, USA; Imperial College of London, UK; RWTH Aachen University, Germany; University of Waterloo, Canada; Tokyo Institute of Technology, Japan; The German Aerospace Center (DLR); Ciemat: Energy Research Center, Spain. The MRN is already working with Tokyo Institute of Technology in the research of beam down solar technologies, with the first facility of this type being planned for Masdar City.

-- The Abu Dhabi government through Masdar this week announced the establishment of the Zayed Future Energy Prize, which awards of over $US2 million annually to honour individuals and organizations for their excellence and innovation in the innovation, development and implementation of sustainable energy solutions.

-- The Zayed Future Energy Prize will be awarded to three individuals or organisations that have made significant contributions in the global response to the future of energy. The award is named after the United Arab Emirates founding father and conservationist His Highness the late Sheikh Zayed Bin Sultan Al Nahyan and will be chaired by R.K. Pachuari, Chairman of the Nobel Prize winning Intergovernmental Panel on Climate Change.

Looking forward, Masdar will continue to look for opportunities to invest in and develop technologies across solar, wind, hydrogen, carbon reduction, green design and higher education.

In February 2008, Masdar will break ground of the world's first zero-carbon, zero-waste, car-free city. The city, growing eventually to 1,500 businesses and 50,000 residents, when completed in 2016, it will be home to international business and top minds in the field of sustainable and alternative energy.

Electricity will be generated by photovoltaic panels, while cooling will be provided via concentrated solar power. Water will be provided through a solar-powered desalination plant. Landscaping within the city and crops grown outside the walled city will be irrigated with grey water and treated waste water produced by the city's water treatment plant.

Dr Sultan Al Jaber, Chief Executive Officer of Masdar said, "Masdar has a simple promise -- to be the world's centre for future energy solutions. It is not about discussion. It is about action.

"I am very pleased with the progress Masdar has made over the past 21 months. We are making bold but strategic investments; applying scale and capital to drive down the cost of renewable energy, accelerating innovation, sponsoring research and building human capital.

"Our promise is as multi-faceted as the problem, which is why we have deployed a basket of solutions to develop and deliver sustainable solutions to meet the world's future energy needs."

More about Masdar

In April 2006, Abu Dhabi launched Masdar, a multi-faceted, multi-billion dollar investment in renewable and alternative energy and clean technology. Masdar is helping to explore, develop and commercialize such future energy sources, including solar and hydrogen power. In 2008, Masdar will break ground for Masdar City, the world's first zero-carbon, zero-waste, car-free city, which will eventually be home to 1,500 businesses and 50,000 residents.

For more information about Masdar please visit http://www.masdaruae.com or email: mediamasdar@edelman.com.

More about the World Future Energy Summit

From January 21-23, 2008, Masdar is hosting the inaugural World Future Energy Summit (WFES), bringing together the world's leading innovators, educators, scientists, venture capitalists and experts in the field of alternative and renewable energies. The summit will be the largest meeting of the "future energy" movement and the premier event for world leaders to preview new solutions and technologies and seek partners. The summit will be a carbon-neutral certified event.

For more information about WFES, please contact Lindsey Bredin at +971-50-379-0348 or l.bredin@turretme.com or please visit http://www.wfes08.com
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CONTACT:

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Email: dayce.sjaflan@indopacedelman.com

SOURCE: Masdar

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