Masdar and Conergy Form Advanced Energy Partnership Abu Dhabi, United Arab Emirates, July 2nd, 2007 – Masdar today announced that it has formed a key partnership which will position Abu Dhabi as a leader in renewable energy.

The agreement with Conergy AG of Germany, one of the world’s most successful renewable energy developers, is a pivotal step in Masdar’s plan to develop an entirely new economic sector for the region and bring an advanced global energy network to Abu Dhabi.

The UAE has one of the world’s fastest growing economies and is experiencing the most significant real estate growth in its history. Masdar will capitalize on this unprecedented economic growth by becoming the premium developer and installer of photovoltaic systems in the region. Within two years Masdar will provide up to 40MW of capacity — equivalent to 10,000 homes.

The agreement will allow the new partnership to capture the huge potential of the Middle East and North Africa (MENA) market. Masdar CEO Dr. Sultan Ahmed Al Jaber emphasized, “The partnership agreement with Conergy is both very important and timely. The UAE is adapting new technologies to advance energy efficiency and conservation and it is critical that we become less dependent on conventional energy. We now have the opportunity to achieve real results by reducing expensive peak power demand through the application of PV systems. This has been successful in countries such as Germany and Japan which now lead in the sector and have much less sunlight”. Hans-Martin Rüter, CEO of Conergy explained, “The climate conditions in these regions are ideal for renewable energies particularly solar systems that provide electricity and cooling power.”

Power demand in the UAE peaks in the middle of the day when the need for air conditioning is at its highest. This makes solar power ideally suited for the region and other markets with similar climates. PV systems can significantly reduce home energy demand up to 60%. Dr. Al Jaber explained, “For commercial business and real estate developers this can provide strategic long-term competitive advantages and for residential consumers it can mean significant cost savings. We are committed to achieving our strategic development aims as a global leader in alternative energy; this is our opportunity to show the world our contribution to a cleaner environment and sustainable future.”

Starting with photovoltaics, the next step will see the development of fully integrated renewable energy systems including state of the art solar cooling, wind and biomass technologies. The partnership with Conergy will support Abu Dhabi’s objectives to build local capacity and capability by transferring knowledge to UAE based resources in manufacturing, engineering, project management and finance of large scale renewable energy projects. As the demand for green energy increases Masdar will further develop, design and roll-out the most advanced alternative energy systems and solutions available today and in the future. Conergy’s leadership position in the advanced energy market will assist Masdar in identifying and analyzing global trends in alternative energy technologies and translate them into international business opportunities.