Oil giant Saudi to become solar power center

Saudi Arabia, the world's biggest oil exporter, plans to become an expert in another, cleaner field of energy by investing in solar power, the country's oil minister said in an interview released Sunday.

"For a country like Saudi Arabia ... one of the most important sources of energy to look at and to develop is solar energy," Ali al-Nuaimi told French oil newsletter Petrostrategies. He added: "One of the research efforts that we are going to undertake is to see how we make Saudi Arabia a centre for solar energy research and hopefully over the next 30 to 50 years we will be a major megawatt exporter.

"In the same way we are an oil exporter, we can also be an exporter of power."

Saudi Arabia produces more than 10 million barrels of crude oil a day.

Nuaimi said that Saudi Arabia was also set to invest in carbon capture and storage programmes to develop technology allowing carbon dioxide to be extracted from the atmosphere and stored underground. "There are a lot of countries that are willing to cooperate with us," he said.

At a summit in Riyadh last November, Gulf OPEC members pledged 750 million dollars (500 million euros) to a new fund to tackle global warming through financing research for clean technologies, with the emphasis on carbon capture and storage.

Masdar named “clean tech leader of the year”

The Masdar Initiative, Abu Dhabi's investment in developing future energy solutions, was named the "Cleantech Leader of the Year" today at the Cleantech Forum's Cleantech Awards in San Francisco, California, USA.  The prestigious recognition was bestowed on the initiative for contributing credibility and resources to the cleantech industry.

Dr. Sultan Ahmed Al Jaber, CEO of Masdar, received the award on behalf of Masdar at the Cleantech Forum Gala Dinner, which was attended by more than 900 global leaders in clean technology. "Masdar is developing and investing in innovative solutions for the world's increasing demand for future energies," Dr. Al Jaber said. "We are honored by this gesture of trust and confidence, as success in the development of technologies in renewable and sustainable energies – a mission of the Masdar Initiative – will only come from true cooperation and collaboration with our peers in the industry."

Launched in September 2006, Masdar has created a US$250 million Masdar Clean Tech Fund (CTF) in partnership with Credit Suisse, Siemens and Consensus Business Group of the UK. The fund is a diversified venture capital investment vehicle that will build a portfolio of clean technology companies.

The CTF has concluded its first year with one of the strongest and most successful deal flows in the investment community. It deployed most of its capital in 2007, one year ahead of schedule, taking strategic equity stakes in companies, such as Solargenics, Segway, Halosource, Europlasma, Sulfurcell, Heliovolt, SIC Processing and EnerTech Capital.

Earlier this month, Masdar broke ground on Masdar City, the world's first zero-carbon, zero-waste, car-free city, where all of its programmes will be centrally located. The 6.5-square kilometre district, growing eventually to 1,500 businesses and 50,000 residents, will be home to international business and top minds in the field of sustainable and alternative energy.

Masdar is also investing in human capital by cultivating the scientific and human talent required for the new clean technology sector. It has established the Masdar Institute of Science and Technology (MIST), the Middle East's first graduate-level, research-driven scientific institution focused on energy and sustainability, in cooperation with the Massachusetts Institute of Technology.

MIST also encompasses the Masdar Research Network (MRN), a network of universities across the world in conducting advanced research in energy and sustainability technologies.

Abu Dhabi Plans To Become Cleantech Hub, Commits $15 Billion

Abu Dhabi, one of the seven states of the United Arab Emirates, has announced a massive, $15-billion, green programme which would make the emirate a major hub for cleantech manufacturing, production and research and renewable energy, says a report on Cleantech.com.

The Abu Dhabi government announced the heavy capital commitment at the three-day conference of the World Future Energy Summit held in the city recently. A large chunk of the $15 billion will go toward projects within the emirate only.

The state has in fact started moving towards cleantech and hi-tech. The Abu Dhabi-based, $250-million, Masdar Clean Tech Fund - made-up of commitments from the Abu Dhabi Future Energy Company, Consensus Business Group, Credit Suisse and Siemens AG - recently co-invested in NanoGram Inc., a solar technology company.