Abu Dhabi Invests US $2 Billion in PV

Masdar PV announced a multi-billion dollar investment in thin-film photovoltaic solar technology. The total investment of more than US $2 billion represents one of the largest investments ever made in solar and will fund a three-phased manufacturing and expansion strategy to produce the latest generation of thin-film photovoltaic (PV) modules.

Phase one involves an investment of US $600 million, which will fund the development of two manufacturing facilities. The first, in Erfurt, Germany will be operational by Q3 2009 and a second facility in Abu Dhabi will begin initial production by Q2 2010. The combined annual production capacity of these two sites will be 210 megawatts (MW) and the modules produced will be used in both Europe and the Middle East.

“Thin-film PV is a key part of our build-deploy-develop strategy to actively build a strong position in alternative energy. Abu Dhabi is a global energy leader, so it makes sense to engage these new energy technologies and become a leader in alternatives,” said Dr. Sultan Al Jaber, CEO of Masdar.

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