17 JAN 2017
Masdar signs cooperation agreement with Qatar Electricity & Water Company and Nebras Power
Abu Dhabi, United Arab Emirates, January 17, 2017: Masdar, Abu Dhabi’s renewable energy company, has signed a Cooperation Agreement with Qatar Electricity & Water Company (QEWC) and Nebras Power at Abu Dhabi Sustainability Week to develop renewable and sustainable energy projects.
The agreement was signed by His Excellency Fahd bin Hamad Al Mohannadi, General Manager and Managing Director of QWEC; Khalid Mohammed Jolo, CEO of Nebras Power and Mohamed Jameel Al Ramahi, CEO of Masdar. Also present were Abdul Sattar Mohammed Rasheed, Director of Business development at QEWC.
The agreement aims to strengthen mutual cooperation between Masdar, QEWC and Nebras in the development of commercially viable renewable energy projects in the UAE, Qatar, and international markets. It will also promote collaboration on research & development, education and raising awareness of the importance of sustainable development.
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Our cooperation agreement with QEWC and Nebras Power provides a valuable opportunity for collaboration and knowledge sharing among regional partners who share common goals. This will lead to closer ties, investment and value creation, and ultimately support the wider deployment of renewable energy.”
Fahd Al Mohannadi, General Manager and Managing Director for QEWC, said: “This Agreement will make an important contribution to the evolution of Qatar Electricity and Water Company, which seeks to be a leader in the field of power generation and water desalination in the Middle East. It also supports sustainable development and energy diversification in the State of Qatar, which has set a solar power target of 1.8GW by 2020.
“Since its inception, QEWC has worked to meet Qatar’s energy and water needs through the development of efficient electricity and desalination projects that utilise modern technologies in collaboration with key partners,” he added. “These activities support the community and contribute to the development of Qatar’s industrial and commercial sectors.”
Khalid Mohammed Jolo, CEO of Nebras Power, said: “We hope this Agreement will further the aim of Nebras Power to invest in regional and international utilities markets. It will enable all three parties to exchange knowledge and experience and help them to expand their activities in renewable energy and sustainability.
“Through such partnerships, Nebras aims to consolidate its global position in the energy sector, especially in renewable energy, which is one of the most growth important areas for Nebras in line with the national vision of the State of Qatar. We support the vision of Qatar’s leadership to compete globally and to excel in sustainable development, research and long-term investment.”
Qatar Electricity & Water Company is one of the largest electricity and water desalination companies in the Middle East and North Africa. It’s production capacity is 11,098MW for electricity and 535.5 MIGD for desalinated water.
Nebras Power is mandated is to invest in international power generation, water desalination, water treatment, cooling and heating projects. The company also invests in liquid natural gas (LNG) projects and power plant-related fuel loading and unloading facilities.
Nebras Power has a proven track record in developing projects based on the Independent Power Producers (IPP) model, and in financing, developing and operating projects around the world. The company also has long-standing partnerships with regional and international developers, investors and banks.
Masdar, Abu Dhabi’s renewable energy company, is at the forefront of the development, commercialisation and deployment of clean technologies – as a link between today’s fossil fuel economy and the energy economy of the future.
Masdar’s clean energy division is a leading developer and owner of utility-scale, grid-connected projects; remote applications providing energy access to communities away from the electricity grid; and carbon abatement projects. Since 2006, Masdar has invested in renewable energy projects with a combined value of US$8.5 billion; Masdar’s share of these projects is US$2.7 billion.
Masdar’s renewable energy projects span the UAE, Jordan, Mauritania, Egypt, Morocco, the UK, Serbia and Spain. The electricity generating capacity of these projects, which are either fully developed or under development, is 2.7 gigawatts (GW) gross.