Masdar’s USD 6 bn 5 GW solar project, announced at Abu Dhabi Sustainability Week, is putting the UAE’s renewables ambitions on the map, with the Financial Times spotlighting its projects along with those of its neighbor Saudi Arabia, which is also making investments into large-scale renewables projects.

The two GCC countries are growing their renewable energy reserves through ongoing megaprojects to be used for their domestic electricity, freeing up more oil and gas for exports, the salmon-colored paper reports.

PLUS- The UAE has the competitive edge to make it a global renewables player: The UAE’s energy players, most notably Masdar, are capitalizing on extensive solar resources, ease of access to manufacturers, and the presence of commercial banks offering funding to make green energy sources equivalent in cost to gas or cheaper, Masdar’s chief financial officer Mazin Khan said.

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