Abu Dhabi, which holds more than 90% of the oil reserves of the United Arab Emirates, announced to spend 350 million dollars on a 500 MW solar plant that is expected to begin its operations in 2009.
Sultan al-Jaber, chief executive of state-owned Abu Dhabi Future Energy Co. said that this plant is part of Abu Dhabi’s drive to cut dependence on hydrocarbon power generation.
He further commented:
The emirate eventually hopes to provide solar power to 10,000 homes and is setting up a special economic zone for the alternative energy industry.
The plant will be the first of its kind in the Gulf, home to oil and gas producers who supply a fifth of the world’s energy needs.
Along with other investors Future Energy, a subsidiary of government-owned Mubadala Development Co, and the Abu Dhabi Water & Electricity Authority will fund the plant
Source: TheSietch
