Ferrostaal eying on doubling revenue from solar energy

IPICAbu Dhabi government owned German industrial contractor, Ferrostaal has announced to expand its solar business for increasing its revenue and fulfilling the growing energy needs of the region. The company, 70 per cent-owned by the International Petroleum Investment Company (IPIC), will build solar energy based plants in the country for making optimum use of hugely available solar energy.

Ferrostaal, a clean energy firm of the Mubadala Development, signed a deal with California-based eSolar which is known for building mirrors and towers to capture solar energy for electricity generation.

IPIC had acquired stakes in Ferrostaal last year from German based lorry maker- MAN. Matthias Mitscherlich, the Chief Executive of Ferrostaal said that the firm intends to be a dominant player in the renewable energy sector for pushing its growth across the segment.

Mitscherlich added, “We intend to double our annual turnover in the solar business. We will strongly participate in renewable energies that are a growth market.” He told that the firm which registered revenue of €340 million from its solar business last year has also been looking for more opportunities in the UAE, Qatar, Oman and South Africa.