Wednesday, June 16, 2021

Digging for heat: UAE’s Tabreed, Masdar join hands for region’s first geothermal project

National Central Cooling Company (Tabreed) is set to test the region’s first geothermal technology in partnership with Abu Dhabi Future Energy Company (Masdar), as the two companies expand collaboration efforts.

The two geothermal wells, located at Masdar City, Abu Dhabi, will be studied to ascertain the viability of geothermal energy technology and its ability to significantly to reduce energy consumption.

Tabreed made the announcement as part of a statement on increased collaboration efforts between the two companies, in which they will develop and connect infrastructure.

Tabreed had acquired Masdar City’s district cooling company, which provides cooling services to more than 2.7 million sqm in the community, with a capacity of 69,000 Refrigerated Tonnes (RT).

“As an industry leader, our strategic partnerships have allowed us to diversify our operations and venture into innovative solutions that support our core business, such as deep geothermal technology, a first in the region,” said Tabreed CEO Bader Saeed Al Lamki in a statement to Dubai Financial Market (DFM).

“We are committed to developing these solutions to support the growth of sustainable urban communities like Masdar City, and we look forward to the continuation of a highly successful partnership with Masdar.”

Masdar City, an asset of Masdar, which is wholly owned by the Abu Dhabi Government’s Mubadala Investment Company, is a sustainability-focused community, with buildings that consume 40 percent less energy and water than Abu Dhabi’s average building, according to information on Masdar’s website.

Abdulla Balalaa, acting executive director, Sustainable Real Estate, Masdar City said: “Masdar City is home to one of the largest low-carbon building clusters in the world, which offers potential annual energy savings of around 50,000 MWh for companies based there, resulting in OPEX savings of more than AED 10 million.

“Working with an industry leader such as Tabreed, supports us in ensuring that our tenants benefit from the most sustainable and innovative cooling solutions, while continuing to progress our shared goal of a more sustainable future for all.”

What is geothermal energy?

Geothermal energy is a sustainable energy source derived from the sub-surface of the earth. Water or steam carries the energy to the earth’s surface.

It is particularly prevalent in Iceland, a country with a high concentration of volcanic activity, located over a rift in continental plates. Geothermal energy provides heating to 85 percent of the Scandinavian country’s homes, according to the Icelandic government.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

Related Posts

Comments

Stay Connected

22,044FansLike
0FollowersFollow
0SubscribersSubscribe

Recent Stories