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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