Abu Dhabi clean energy company Masdar is planning a possible entry into China, the world’s largest renewable energy market, as the company looks to reach a renewable energy capacity of 100 gigawatts by 2030, a senior executive said.
The company is evaluating the market and engaging with potential partners to determine the most suitable approach for entering the Asian country, Abdulaziz Alobaidli, Masdar's chief operating officer, told The National.
“China is a very competitive market with local players, so we are not yet there. However, we are assessing the market [and] we are engaging with potential partners … to decide what would be our ideal market entry strategy,” he said on the sidelines of the World Future Energy Summit in Abu Dhabi.
“I think any serious investor who is ignoring China is committing a very strategic mistake.”
Masdar, jointly owned by the Abu Dhabi National Energy Company, better known as Taqa, Adnoc and Mubadala, is active in 40 countries. It aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade from about 20 gigawatts currently.
Global renewable energy capacity in the power sector grew by 473 gigawatts from 2022 to 3,870 gigawatts last year, according to the International Renewable Energy Agency (Irena).
China, the world’s second-largest economy, was the main driver with 298 gigawatts installed in 2023, the Irena report said.
The Masdar executive's remarks come against the backdrop of escalating trade tensions between Beijing and Washington.
US Treasury Secretary Janet Yellen recently urged China not to flood global markets with cheap clean energy exports and said she would not rule out any measures, including potential tariffs.
“[Geopolitical tensions] continue to evolve in one shape or another. We have seen the Russia-Ukraine [conflict] and we are now seeing the Iranian and Israeli tensions,” Mr Alobaidli said.
“As a company we wish for these to de-escalate, certainly,” he added.
Masdar has a “plan B and C and even Z” to deal with possible supply chain challenges emerging from conflicts and political instability, Mr Alobaidli said.
“As an investor, we assess the impact [on] the interest rate, logistics and the supply chain,” the Masdar executive said.
“We work with the West, the East and the Middle East … we diversify our supply chain to ensure that if those challenges start to materialise, we have the right mitigations,” he added.
Masdar is also trying to expand its footprint in Europe, which has made significantly strides in clean energy adoption in recent years.
Renewable energy adoption on the continent has received a further push since the start of Russia's invasion of Ukraine in 2022. The EU has sought to rapidly reduce its dependence on Moscow’s oil and gas exports.
In February, Masdar completed the acquisition of a 49 per cent stake in the UK’s Dogger Bank South (DBS) project, one of the world’s largest planned offshore wind farms.
The acquisition was part of an £11 billion ($13.70 billion) joint investment in the UK’s renewable energy sector with German company RWE, which retained a 51 per cent stake.
Mr Alobaidli said that Masdar would continue to assess “transformative acquisitions” in Europe and the US.
Potential investments would target solar as well as onshore and offshore wind projects, he said, adding that there was room for new technologies.
Masdar plans to raise between $750 million and $1 billion through the sale of a green bond this year to fund its renewable projects globally, a senior executive told The National in a separate interview.
This would be the second green bond offering from the company after it raised $750 million last year and listed it on the London Stock Exchange and the Abu Dhabi Securities Exchange as part of a $3 billion bonds programme.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RESULTS
5pm Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm Maiden (PA) Dh70,000 (D) 1,400m
Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.
6pm Maiden (PA) Dh70,000 (D) 1,600m
Winner Hameem, Jose Santiago, Abdallah Al Hammadi.
6.30pm Maiden (PA) Dh70,000 (D) 1,600m
Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.
7pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.
7.30pm Handicap (TB) Dh70,000 (D) 1,000m
Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.
8pm Handicap (PA) Dh70,000 (D) 1,000m
Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.
RESULTS
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
Winner RB Money To Burn, Fabrice Veron (jockey), Eric Lemartinel (trainer).
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
Winner Ekhtiyaar, Jim Crowley, Doug Watson.
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
Winner Commanding, Richard Mullen, Satish Seemar.
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
8.50pm Handicap (TB) $135,000 (T) 1,600m
Winner Zakouski, William Buick, Charlie Appleby.
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
Winner Kimbear, Pat Dobbs, Doug Watson.
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
Winner Platinum Star, Christophe Soumillon, Saeed bin Suroor.
10.35pm Handicap (TB) $135,000 (T) 1,600m
Winner Key Victory, James Doyle, Charlie Appleby.
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
MATCH INFO
Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Semi-final fixtures
Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Mountain%20Boy
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Killing of Qassem Suleimani
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
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Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
COMPANY%20PROFILE
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