Abu Dhabi’s Masdar Initiative intends to spend more than $2bn to build a thin-film solar manufacturing subsidiary, building on the growing solar cell market and presenting a drive for industrial gases in the process.
The total investment of over $2bn in Masdar PV is one of the largest single equity commitments made to a solar manufacturing company, and will finance a three-phased manufacturing process, according to the company.
Deutsche Bank estimates the solar market at around $15bn in 2007 and growing at 40% a year, while world-leading industrial gas company The Linde Group noted in its 2007 Annual Report that industry experts expect that from 2012, photovoltaic producers will spend more on gases than flat-screen manufacturers. Furthermore, from 2017 these also appear set to overtake the chip sector and the demand for industrial and specialty gases is increasing.
Ultimately, Masdar hopes to produce 1 gigawatt of annual capacity by 2014 through capacity expansion and the development of thin-film manufacturing facilities around the world. Initially the company will invest $600mn in Masdar PV, which will operate as a holding company based in Abu Dhabi, with manufacturing subsidiaries in different countries. The first, Masdar PV GmbH, has already been set up in Erfurt, Germany.
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