Abu Dhabi's Masdar had $230m loss in 2010, Mubadala says

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Masdar, Abu Dhabi’s renewable-energy project, had a loss of AED847m($230m) last year

Masdar, Abu Dhabi’s renewable-energy project, had a loss of AED847m($230m) last year

Masdar, Abu Dhabi’s renewable-energy project, had a loss of AED847m($230m) last year, according to a bond prospectus distributed by parent Mubadala Development Co and obtained by Bloomberg.

The renewable-energy units of Mubadala, a government-owned investment company, consist mainly of Masdar City and Masdar’s investment projects and power plant developments, according to the bond prospectus.

A spokesman for Masdar didn’t have an immediate response to e-mailed questions on the accounts.

Masdar is a key component in the effort by Abu Dhabi, the largest sheikhdom in the UAE, to generate at least 7 percent of the power it uses from renewable sources by 2020.

The nation’s capital, it holds almost all of the country’s oil reserves, and is expanding use of solar and wind power in an effort to become a regional hub for renewable energy.

The renewable-energy segment had operating income of AED419m last year and total assets of AED7.98bn at the end of last year, according to the document.

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Posted by: fingers burnt

Masdar was never going to be financially viable. When you employ Norman Foster to design the Masterplan you will get a building with every bell and whistle attached and it will cost the earth. Then employ a management team who are of arabic origin who think that their culture rules the earth and they take no notice of professional advice but try to do it themselves and save fils on procurement in order to award to friends and family and where do you end up? Great idea - poor execution

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