Masdar saw the potential for wind energy in Serbia and using its international renewable industry expertise, supported Serbia’s ongoing socio-economic development
Established in 2006, Masdar, Abu Dhabi Future Energy Company, is a global leader in renewable energy and sustainable urban development. Masdar means “source” in Arabic. Masdar`s mandate is to help maintain the leadership of the United Arab Emirates (UAE) in the global energy sector while supporting the diversification of both its economy and energy sources for the benefit of future generations.
Wholly owned by the Abu Dhabi government’s Mubadala Investment Company, Masdar is supporting the UAE’s transition towards a knowledge-based economy. A catalyst for renewable energy development in the Arab world over the past decade, Masdar is demonstrating how the business community can deliver on the global sustainability agenda.
For the special issue of Diplomacy&Commerce magazine, Serbia goes green, we spoke with Mr. Ahmed Al Awadi, Director of Business Development & Investment, Clean Energy at Masdar.
Masdar is a global leader in renewables and sustainable urban development. Could you please tell us how did the company decide to invest in Serbia, and what does it mean for our country?
Masdar saw the potential for wind energy in Serbia and using its international renewable industry expertise, supported Serbia’s ongoing socio-economic development and worked diligently with the government to help the country advance its commitment to modernizing its energy sector through the development of the Čibuk 1 wind farm. Masdar’s successful partnership with Taaleri Energia through the Čibuk 1 project supported the diversification of Serbia’s energy mix and has reduced the country’s dependence on coal-fired power generation.
“We also deliver knowledge and industry platforms to stimulate further growth in the wider renewable energy and clean-tech industry, creating new revenue streams for the UAE over the long term”
Projects such as Čibuk 1, and the lasting partnerships borne out of them, position Serbia at the forefront of a growing sector that supports faster electricity integration with its European neighbors.
What plans do you have for this year in terms of new projects and investments, when we are speaking of the region of Serbia, and Central and Eastern Europe?
In August 2019, Masdar and Taaleri Energia established a joint venture (Masdar Taaleri Generation – MTG) with the aim of developing renewable energy projects in Central and Eastern Europe. MTG is progressing the development of projects in the region, among them the Čibuk 2 wind farm, planned to be larger than Čibuk 1 in capacity and located in the same area. Our aim is to continue to contribute and support the deployment of clean energy technologies in Serbia towards enhancing the country’s energy mix and energy security.