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Masdar $15 Billion Green Investment on track, Says CEO

ABU DHABI - Abu Dhabi’s state-owned green energy firm Masdar said its plans to invest $15 billion in renewable energy ventures had not been derailed by global economic conditions.

“All of our investments and projects have been carefully developed, carefully managed and carefully financed so we are really not exposed in order for the economic downturn in general to affect us that much,” said Masdar Chief Executive Sultan Al Jaber said in an interview with Reuters.

“I can comfortably tell you that none of our announcements are being sidelined or put on hold.”

Last year, Masdar unveiled ambitious plans to invest $15 billion in renewable energy projects such as the world’s flagship carbon-free city in Abu Dhabi.

Masdar hopes the initiative will earn Abu Dhabi a reputation as the world’s main development hub for renewable energy, not wholly reliant on oil profits for its wealth.

Jaber said this project was advancing but there was a possible one-year delay to the city’s opening, pushing back the launch to 2019 or 2020. “There could be a potential one-year delay, not because of financial constraints but because of the technology advancements we are trying to utilise,” he said, adding that geothermal power sourced from underground heat will form an important part of the green city’s electricity mix.

He said Masdar is also studying other geothermal projects and will announce further green energy initiatives in January.