Masdar

Masdar, also known as the Abu Dhabi Future Energy Company, is a renewable energy company based in Abu Dhabi, United Arab Emirates. The company's mission is to invest in renewable energy and clean technology in Abu Dhabi and around the world for both financial and social returns. Masdar is an important part of Abu Dhabi's efforts to diversify its economy beyond oil production. It pursues an "integrated, holistic" business model that merges higher education, research and development, finance, and the development of large-scale renewable energy projects and sustainable communities. Masdar has three business units including Masdar Clean Energy, Masdar City, and Masdar Capital. Masdar's mission is complemented by the Masdar Institute, an independent research university. Masdar is a subsidiary of the Mubadala Development Company and was founded in 2006.

Masdar Clean Energy

Masdar Clean Energy invests in large clean energy projects such as utility-scale wind and solar, energy efficiency, and carbon capture, storage and use. In the United Arab Emirates, projects developed by Masdar Clean Energy include Shams 1, a concentrated solar power plant with 100 MW of capacity. Partnering with the government of Seychelles, it developed a 6 MW wind farm for Mahé Island.As of May 2013, Masdar is building a 100 MW hybrid photovoltaic and natural gas concentrated solar power plant in Al Ain called Noor 1, and a 30 MW wind farm on Sir Bani Yas island.

Masdar City

Masdar City (Arabic: مدينة مصدر‎, Madīnat Maṣdar) is a planned city project in Abu Dhabi, in the United Arab Emirates. Its core is being built by Masdar, a subsidiary of Mubadala Development Company, with the majority of seed capital provided by the Government of Abu Dhabi. Designed by the British architectural firm Foster and Partners, the city relies on solar energy and other renewable energy sources. Masdar City is being constructed 17 kilometres (11 mi) east-south-east of the city of Abu Dhabi, beside Abu Dhabi International Airport.

Masdar City will host the headquarters of the International Renewable Energy Agency (IRENA). The city is designed to be a hub for cleantech companies. Its first tenant is the Masdar Institute of Science and Technology, which has been operating in the city since it moved into its campus in September 2010.

Design and intent

The project is headed by Masdar, a subsidiary of Mubadala Development Company. Initiated in 2006, the project was estimated to cost US$18-22 billion and take approximately eight years to build, with the first phase scheduled to be completed and habitable in 2009. Construction began on Masdar City in 2008 and the first six buildings of the city were completed and occupied in October 2010. However, due to the impact of the global financial crisis, Phase 1 of the city, the initial 1,000,000 square metres (0.39 sq mi), will be completed in 2015. Final completion is scheduled to occur between 2020 and 2025. The estimated cost of the city has also declined by 10 to 15 percent, putting the development between US$18.7 and 19.8 billion. The city is envisioned to cover 6 square kilometres (2.3 sq mi) and will be home to 45,000 to 50,000 people and 1,500 businesses, primarily commercial and manufacturing facilities specialising in environmentally friendly products. In turn, more than 60,000 workers are expected to commute to the city daily.