UAE state-owned renewables firm Masdar has launched a renewable energy facility that will produce 1 gigawatt of uninterrupted clean power and that is expected to cost around $6 billion, company executives said on Tuesday.
Speaking at the opening of Abu Dhabi Sustainability Week, chairman Sultan Al Jaber, who also serves as the chief executive of energy giant Abu Dhabi National Oil Co (ADNOC) and is the UAE minister of industry and advanced technology, called the project a significant step in transforming renewable energy into baseload power, Reuters reported.
"This will, for the first time ever, transform renewable energy into baseload energy. It is a first step that could become a giant leap," Al Jaber said.
"How can we power a world that never sleeps with energy sources that do? How can we transform renewable resources into reliable power? Today...we have an answer," Al Jaber said before announcing the project.
The project is expected to start operations by 2027, Masdar's chief operating officer Abdulaziz Alobaidli said during the event.
It is expected to cover 90 square kilometres (34.75 square miles) in "the desert of Abu Dhabi" and cost around $6 billion, he said, adding it will be "equity and project finance debt funded."
The facility "is just the beginning for more projects here and in the region, where we can unlock the full potential of solar," the UAE energy minister Suhail al-Mazrouei told the public at a summit taking place in the same Abu Dhabi venue.
Earlier on Tuesday, Al Jaber had said that the rapid growth of energy-hungry applications like ChatGPT could lead to a 250% increase in energy demand by 2050, reaching 35,000 GW. This highlights the need for diverse power sources to meet the unprecedented demand, he added.
