Masdar and Presight sign deal to develop AI asset management tool

Abu Dhabi Future Energy Company – Masdar, the UAE’s clean energy powerhouse, has signed an agreement with Presight, the region’s leading big data analytics company powered by generative artificial intelligence (AI), to develop an asset management tool for its renewable energy projects around the globe.

Masdar’s renewable projects generate billions of data points every day from the equipment they use, such as solar panels, inverters and wind turbines. This vast amount of data can be analyzed and evaluated to generate valuable insights and enable data-driven decision making.

By developing an AI-based asset management tool, Masdar is seeking to digitize its operations worldwide, moving from a reactive model to a predictive approach where it can analyze data and operational patterns to anticipate issues in advance, enhance efficiency, address failures before they occur, reduce downtime, and ultimately boost energy production.

As the UAE’s clean energy pioneer, Masdar has been at the forefront of innovation and development in the renewable energy sector. Through its agreement with Presight, it is applying the same innovative approach through the inclusion of AI technology to make its energy supply smarter.

AI is viewed as having a significant role to play in the energy sector, boosting efficiency and operational patterns while applying predictive analytics to optimize energy grids and increase resilience. It can help support the seamless integration of renewable energy and other energy sources.

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said: “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. 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. We are pleased to announce this agreement between two UAE-based pioneers that will help to achieve this goal.”

Thomas Pramotedham, CEO of Presight, said: “Clean energy has a number of specific operational needs, from managing shifting supply throughout the day to efficiently merging with other forms of energy in the grid. As a global clean energy leader, Masdar generates billions of data points across its extensive portfolio. This partnership therefore represents a unique opportunity to develop a bespoke tool that consolidates all that information, uncovers hidden insights and takes action to improve efficiency, predict maintenance needs, and ultimately increase the supply of renewable energy. This will be transformational for the sector, and so I’m looking forward to seeing this collaboration progress.”

AI promises to have a far-reaching, transformational impact on the energy transition and is projected to add $7 trillion to global GDP over the next ten years. It has the capability to change the pace of progress by maximising energy efficiency and minimizing emissions at scale.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

Meanwhile Abu Dhabi Future Energy Company (Masdar) recently released its annual Sustainability Report, including a significant expansion of its clean energy capacity and resulting impact on CO2 avoidance, as well as plans for growth through an ambitious sustainable bond programme.

Masdar grew its clean energy portfolio and advanced pipeline of clean energy capacity to 31.5GW in 2023, generated more than 26,700GWh of clean energy and avoided 14 million tonnes of CO2e, up from 10 million tonnes the previous year. This is the equivalent of removing almost 870,000 cars from the road.

The Sustainability Report, which covers Masdar’s global operations for 2023, highlights the launch of the company’s roadmap to a $3 billion Green Bond offering at the London Stock Exchange to unlock investment in renewable energy across the globe.

With significant projects initiated in 2023, Masdar’s growing portfolio substantially increased its global sustainability impact. Milestone projects in new and existing markets including Indonesia, Saudi Arabia, the UAE, Egypt and Azerbaijan came online or were signed into agreement. Al Dhafra Solar PV, the world’s largest single-site solar power plant, was inaugurated in the UAE, and the country’s first wind project was added to the national power grid, and Southeast Asia’s largest floating solar plant, the 145MW Cirata plant, came online.

Mohamed Jameel Al Ramahi Chief Executive Officer, Masdar, said, “As Masdar’s latest sustainability report highlights, 2023 was a pivotal year as we continued on a path of unprecedented growth, increasing our global clean energy capacity by more than fifty per cent. Leveraging the power of our shareholders, we entered new markets, pioneered clean energy solutions, and played a vital role in supporting the UAE’s climate action leadership.