Last updated on December 9th, 2023 at 04:59 pm
Masdar, a United Arab Emirates state-owned renewable energy company, has announced a 10GW growth plan for the African continent, which is set to unlock energy transition in six Sub-Saharan nations.
Abu Dhabi Future Energy Company PJSC – Masdar aims to provide support to the clean energy transition across the African continent.
The 10GW growth plan will provide support to Africa Green Industrialization Initiative that aims to boost green industries in the region.
The Africa Green Industrialisation Initiative (AGII) was launched on December 2 to accelerate green industries and businesses across Africa.
The UAE’s expanding role in Africa’s green industries
The UAE has always provided support to Africa in its energy initiatives. The UAE has also pledged to help clean energy initiatives in Kenya, Angola, Burundi, Djibouti, Ghana, Ivory Coast, Mauritania, Nigeria, Senegal and Zambia.
Africa has a potential clean energy capacity of 850 terawatts in solar and wind. Africa also has a potential of capturing 10% of the global green hydrogen market, according to a report by Masdar, Abu Dhabi Sustainability Week and McKinsey & Company.
The Abu Dhabi Future Energy Company, also known as Masdar, aims to help unlock Africa’s clean energy potential. Masdar’s growth plans will help Africa to advance its energy transition.
Masdar to mobilize US$10 billion in finance for Africa
Mohamed Jameel Al Ramahi, Chief Executive Officer (CEO) of Masdar, said that the company would mobilize US$10 billion in finance for Africa to support new innovations, green initiatives, clean energy initiatives, technologies and business models of the continent.
Masdar’s commitment to mobilize a total of US$10 billion in investments will help to deliver 10GW of clean energy capacity in Africa by 2030.
Mohamed Jameel Al Ramahi said, “As the largest pure-play renewable energy company on the continent, we are proud of our long-term partnerships. We look forward to developing an important pipeline of clean energy projects, working for Africa, with Africa.”
Masdar’s partnership agreements with six African countries
Masdar and Angola, a country in Central Africa, signed an agreement to initiate a substantial 150-megawatt solar photovoltaic (PV) venture in Angola. It is the first renewable energy project under the strategic G2G collaboration between the two countries.
Masdar and Uganda signed a Roadmap Agreement for the implementation of a 150MW Solar PV project under Phase I of a 1GW collaboration between the two countries.
MW Energy, a Masdar subsidiary, Africa50 and the Ministry of Energy & Hydraulics of the Republic of Congo, also signed a partnership agreement to develop 500MW of renewable energy capacity in the Republic of Congo.
The Geothermal Development Company of Kenya and Pertamina Geothermal Energy (PGE) of Indonesia are collaborating on geothermal energy development in Kenya. Masdar already invests in Indonesian geothermal energy firm PGE.
Infinity Power, a Masdar Infinity company, signed an agreement with Mozambique, which aims to explore potential opportunities for up to 1 GW of renewable projects in the African country. The collaboration has the potential to power 400,000 households and will offset 3.8 million tonnes of carbon emissions.
Masdar, ZESCO and International Resource Holdings are collaborating in the Zambian market. Abu Dhabi Future Energy Company PJSC – Masdar will supply green electricity from renewable energy projects to power IRH mines.
Masdar will also provide US$2 billion of equity by 2030 in Africa as part of the UAE-led Africa Green Investment finance Initiative.