Masdar becomes largest shareholder in solar developer

Abu Dhabi's carbon neutral venture invests in local solar player Enviromena.
Masdar becomes largest shareholder in solar developer
By Ed Attwood
Wed 13 Jan 2010 09:35 AM

Abu Dhabi carbon-neutral venture Masdar has boosted its interests in local solar player Enviromena to become the largest shareholder in the latter’s latest investment round.

Green investment outfit Good Energies has also become a shareholder in Enviromena, joining zouk Ventures and New Energies Investment. The full total of investment stands at $15 million in equity and equity warrants.

“Institutions of this calibre investing in privately held MENA-based renewable energy ventures is unique and indicative of the sector’s growth in this region,” said Enviromena CEO Sami Khoreibi.

Enviromena will use the funds to expand operations in the MENA region.

“Enviromena has achieved much in a short period and those achievements have earned it the attention of some of the most well respected investors in this field,” said Dr Sultan Al Jaber, CEO of Masdar.

“We are more than happy to continue to support the company to their next stage of development both here in Abu Dhabi and beyond”.

Enviromena’s board will reflect the new shareholder base as a result of this round, with Masdar and Good Energies joining zouk Ventures with board representation.

The news is just the latest in the swift rise of Enviromena, which was formed in October 2007.

In March, the contractor completed the largest grid-connected solar power plant in the Middle East, which will power the Masdar Institute of Science and Technology (MIST), Masdar City’s dedicated university.

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