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Wed 15 Jan 2020 09:09 AM

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Masdar eyes US, Egypt expansion as global portfolio hits $14bn

Abu Dhabi-based company currently has investments in over 30 countries across the world

Masdar eyes US, Egypt expansion as global portfolio hits $14bn

Masdar CEO Mohamed Jameel Al Ramahi,

Image: ITP Media Group.

Abu-Dhabi-based Masdar has revealed expansion plans for Egypt and the US.

Addressing media on the sidelines of the World Future Energy Summit at Abu Dhabi Sustainability Week, the company’s CEO Mohamed Jameel Al Ramahi, said he is looking to increase their presence in Egypt and double investment in the US, the second-largest renewable energy market in the world after China.

Masdar, a subsidiary of Mubadala Investment Company, currently has investments in over 30 countries totalling $14bn.

Ramahi previously told Arabian Business: “Globally everybody is trying a lot and yes there has been a lot of positive changes, but are we doing enough? Definitely I would say we should do even more.”

Youssef Al Ali, executive director of the clean energy department at Masdar, told Emirates News Agency (WAM), that the company has a total operating capacity of around 5,000 megawatts.

On Tuesday it was announced that Masdar had made its first investment in Australia after acquiring a 40 percent stake in the country’s second utility-scale waste-to-energy facility.

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