Abu Dhabi’s Masdar plans to invest in other regions next year, expanding into the Indian subcontinent for the first time and increasing its presence in North Africa.
The company will be focusing on India, Pakistan and Algeria in 2017, countries that have shown potential as major markets for the solar industry, according to a report by The National.
"The Indian subcontinent is interesting to us and we've been watching it the past two years," said Mohammed Al Ramahi, Masdar's chief executive.
He says the company would expand its investment strategy geographically and technologically, with Masdar officials meeting in Algeria last week to discuss solar and wind projects.
Though Algeria presents a difficult market for foreign investors, Masdar’s chief executive explained that the strategy is commercially driven. “We’re happy to take risks, but it has to be a calculated risk that satisfies our shareholders' expectations when it comes to returns.”
The GCC plans to invest $100bn into renewable energy projects over the coming two decades with the UAE taking the lead with $35bn planned to diversify its energy resources for power generation.