Masdar PV, of the Masdar Initiative in Abu Dhabi, to Invest Over $2 Billion in Solar Production

May 28, 2008 – Vol.13 No.10

Masdar PV, a Project of the Masdar Initiative in Abu Dhabi, to Invest Over $2 Billion in Solar Production.

The investment represents one of the largest ever made in solar, and will fund a three-phased manufacturing and expansion strategy to produce the latest generation of thin-film photovoltaic (PV) modules.

Phase one involves an investment of $600 million which will fund the development of two manufacturing facilities. The first, in Erfurt, Germany will be operational by the third quarter of 2009, and a second facility in Abu Dhabi will begin initial production by the second quarter of 2010. The combined annual production capacity of these two sites will be 210 megawatts, which is committed to major PV system installers in Europe and for Masdar's own energy generation needs.

The phased-in multi-country approach represents a significant step in Masdar's objective to transform Abu Dhabi into an developer and exporter of technology, rather than an importer. With a goal of reaching 1 gigawatt of annual production by 2014 through capacity expansions and other new plants, this multi-country operation will allow Masdar PV to become a global leader in thin-film PV.

"This marks a major milestone for Masdar and Abu Dhabi. It will not only establish Masdar as a major global PV player, but will be the first high-tech semiconductor nano-manufacturing facility of its kind in the entire region,"said Dr. Sultan Al Jaber, CEO of Masdar.

The plants will use equipment capable of high-volume processing of ultra-large glass substrates, which, at 5.7 square meters, are eight times larger and five times more powerful than that of the current market leader.

High-volume manufacturing of thin film PV, which requires less than 1 percent of expensive semiconductor material compared to traditional PV, is key to rapidly driving down the cost of PV and making it fully-competitive with fossil fuels.

The thin film PV technology to be manufactured by Masdar PV will require only one year to pay back the carbon cost of producing these panels.

The Masdar Initiative is Abu Dhabi's response to the need for cleaner future energy solutions, It is the region's leader in the research, development and deployment of renewable energy and sustainability related technologies. (5/28/08)

Links:

Masdar Initiative
http://www.masdaruae.com

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No