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Around £1bn to invested in photovoltaic technology
A $2 billion (£1 billion) state-funded project to produce photovoltaic technology is being rolled out in Abu Dhabi.
Masdar, which is the state's renewable energy fund, will focus on developing the "thin film" technology which can be applied to buildings to generate power.
Some $600 million will be spent on manufacturing facilities, one is to be built in Germany and one in Abu Dhabi.
Head of special projects at Masdar Steven Geiger told CNN Money: "This is our first major play into a large-scale PV investment to build substantial capacity as Masdar."
The technology is in short supply at present owing to high demand, however Building magazine reports that "thin film" is expected to constitute 20 per cent of the photovoltaic market by 2010.
Deutsche Bank estimates that the global market is worth $15 and growing at a rate of 40 per cent a year.
It was reported last week that HSBC has installed photovoltaic solar panels on the roof of its Canary Warf headquarters.
Sent: 07/06/2008
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