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Masdar today announced that it has formed a key partnership which will position Abu Dhabi as a leader in renewable energy. The agreement with Conergy AG of Germany, one of the world's most successful renewable energy developers, is a pivotal step in Masdar's plan to develop an entirely new economic sector for the region and bring an advanced global energy network to Abu Dhabi.

The UAE has one of the world's fastest growing economies and is experiencing the most significant real estate growth in its history. Masdar will capitalize on this unprecedented economic growth by becoming the premium developer and installer of photovoltaic systems in the region. Within two years Masdar will provide up to 40MW of capacity -- equivalent to 10,000 homes. The agreement will allow the new partnership to capture the huge potential of the Middle East and North Africa (MENA) market.

Masdar CEO Dr. Sultan Ahmed Al Jaber emphasized, "The partnership agreement with Conergy is both very important and timely. The UAE is adapting new technologies to advance energy efficiency and conservation and it is critical that we become less dependent on conventional energy. We now have the opportunity to achieve real results by reducing expensive peak power demand through the application of PV systems. This has been successful in countries such as Germany and Japan which now lead in the sector and have much less sunlight".

Hans-Martin Rüter, CEO of Conergy explained, "The climate conditions in these regions are ideal for renewable energies particularly solar systems that provide electricity and cooling power." Power demand in the UAE peaks in the middle of the day when the need for air conditioning is at its highest. This makes solar power ideally suited for the region and other markets with similar climates. PV systems can significantly reduce home energy demand up to 60%.

Dr. Al Jaber explained, "For commercial business and real estate developers this can provide strategic long-term competitive advantages and for residential consumers it can mean significant cost savings. We are committed to achieving our strategic development aims as a global leader in alternative energy; this is our opportunity to show the world our contribution to a cleaner environment and sustainable future."

Starting with photovoltaics, the next step will see the development of fully integrated renewable energy systems including state of the art solar cooling, wind and biomass technologies. The partnership with Conergy will support Abu Dhabi's objectives to build local capacity and capability by transferring knowledge to UAE based resources in manufacturing, engineering, project management and finance of large scale renewable energy projects. As the demand for green energy increases Masdar will further develop, design and roll-out the most advanced alternative energy systems and solutions available today and in the future.

Conergy's leadership position in the advanced energy market will assist Masdar in identifying and analyzing global trends in alternative energy technologies and translate them into international business opportunities.

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About Masdar and the Abu Dhabi Future Energy Company

The Abu Dhabi Future Energy Company (ADFEC) is Abu Dhabi's vision and investment in the future of energy and environmental sustainability - a private joint stock company established and wholly-owned by Mubadala Development Company. ADFEC drives the Masdar Initiative, a multi-billion dollar, multi-faceted response to the need for a global focus on the development of advanced energies and sustainability-related technologies.

Masdar is designed to ensure that Abu Dhabi grows its share of the global energy market by fostering the development and commercialization of advanced and innovative technologies in renewable, alternative and sustainable energies for a cleaner, safer environment and future.

Masdar has partnered with the world's most prominent companies, educational institutions and investment firms to lead and advance a global strategy of international knowledge and capability to change the way the world understands energy and create a historic, global shift to new energy sources and sustainable resource utilization.

Masdar is comprised of six strategically designed and focused units:

MASDAR INSTITUTE OF SCIENCE AND TECHNOLOGY - in partnership with the MIT, will offer Masters and PhD programs in science and engineering focused on advanced energy and sustainable technologies.

MASDAR RESEARCH NETWORK - a unique collaborative network of world-class scientists and post-doctoral researchers linking the MASDAR Institute and seven leading global scientific research institutions in three continents.

INNOVATION & INVESTMENT - the investment and commercialization vehicle for advanced energy and sustainability technologies.

SPECIAL PROJECTS - develops capital-intensive projects including large-scale manufacturing and deployment of new energy technologies and systems.

CARBON MANAGEMENT - spearheads the development of multi-sector greenhouse gas reduction projects.

MASDAR ZONE DEVELOPMENT - a unique, integrated "Green Community" in the heart of Abu Dhabi hosting Masdar and a carefully selected pool of international tenants who will invest, develop, and commercialize advanced energy technologies.

About Conergy AG

Conergy AG is considered to be the highest volume solar company in Europe, and also numbers among the leading international providers of other rapidly growing fields of renewable energy, including bioenergy. Conergy pursues a customer-oriented global growth strategy which aims to offer each energy consumer worldwide the most appropriate technology in attractive markets for renewable energies. In foreign markets, the energy requirement for electricity, heat or cooling varies greatly. Conergy therefore offers a wide range of regenerative energy products, and has an internationally oriented management team. The Conergy Group is now represented with its own branch offices on five continents.

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