Masdar spends $2bn on new photovoltaic plant

More goings on at Masdar, the renewable energy company and bunch behind the oh-so-sustainable city set to be built in the Abu Dhabi desert.

Masdar’s decided that there just isn’t enough investment out there in solar, so it’s dishing out $2 billion to thin film photovoltaic solar technology with a plan that goes a little something like this:

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 which will begin initial production by Q2 2010. The combined annual production capacity of these two sites will be 210 megawatts, which is committed to major photovoltaic system installers in Europe and for Masdar’s own energy generation needs.

Masdar hopes to be making 1 GW of energy from renewable sources by 2014.
Germany will get the first plant thin-film solar photovoltaic as, says Masdar, it’s the centre of the photovoltaic world. Hopefully they’re not betting on any subsidies…