Image credit: Emirates News Agency
UAE’s Masdar, also known as Abu Dhabi Future Energy Company, has teamed up with Presight to develop an asset management tool for its renewable energy projects around the globe.
By developing an AI-based asset management tool, Masdar seeks to digitise its operations worldwide, moving from a reactive model to a predictive approach where it can analyse data and operational patterns to enhance efficiency, address failures before they occur, reduce downtime, and ultimately boost energy production.
The firm’s renewable energy projects produce a massive amount of data daily from devices like solar panels, inverters, and wind turbines. The data can be analysed to uncover valuable insights and inform data-driven decisions.
“With our history of developing projects using cutting-edge clean energy technologies, it was a natural progression for Masdar to explore the potential for deploying AI across energy systems to enhance efficiency and deliver data-driven decision-making,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
“The integration between AI and energy is a game-changing economic opportunity that will enable us to build a bridge to a low-carbon, high-growth future.”
AI is poised to revolutionise the energy sector by enhancing efficiency, optimising operational patterns, and employing predictive analytics to improve grid resilience. AI can also facilitate the smooth integration of renewable energy and other energy sources.
The innovative technology is projected to revolutionise the energy transition, contributing an estimated $7tn to global GDP in the next decade. By optimising energy efficiency and reducing emissions on a large scale, AI can significantly accelerate progress toward a sustainable energy future.
Masdar, which is controlled by TAQA, ADNOC and sovereign wealth fund Mubadala, has invested in renewable projects around the world at different stages of development, with an overall capacity of roughly 20 GW and a value of more than $30bn. The renewable energy firm expects Europe to be a key contributor to reaching its 100 GW capacity target by 2030.
Last month, Masdar reached an agreement to acquire green energy firm Saeta Yield from Canada’s Brookfield in a deal valued at $1.4bn (EUR1.2bn) – the company’s second biggest green energy deal in recent months in Spain. It follows the agreement to buy a minority stake in 48 solar plants controlled by Endesa – a unit of Italy’s Enel EUR817m.
Earlier in March, the clean energy firm closed the acquisition of a 49 per cent stake in RWE’s $13.9bn (GBP11bn) UK Dogger Bank South offshore wind farm – one of the world’s largest offshore wind farms.
