Masdar Advances 10GW Africa Growth Plan to Unlock Energy Transition In Six Sub-Saharan Nations

By Soko Directory Team / Published December 7, 2023 | 4:30 pm



Masdar

Abu Dhabi Future Energy Company PJSC – Masdar advances 10GW growth plan across six Sub-Saharan nations, marking accelerated expansion for the UAE’s clean energy leader, in support of the clean energy transition across the continent.

The announcements were made during the United Nations Climate Change Summit (COP28) taking place in the UAE and will support the recently launched Africa Green Industrialization Initiative to scale up green industries in the region.

According to research launched last year by Masdar, Abu Dhabi Sustainability Week, and McKinsey & Company, Africa has a theoretical potential clean energy capacity of 850 terawatts in solar and wind alone and could capture as much as 10% of the global green hydrogen market. These agreements support the development of clean energy portfolios across several markets in Africa, helping to unlock that potential and deliver improved levels of energy security to its population.

Read Also: Masdar Inaugurates Largest Floating Solar Plant In Indonesia

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar’s growth plans will help unlock Africa’s clean energy potential and further advance its energy transition. This follows Masdar’s landmark commitment to mobilize US$10 billion in finance and 10 GW of capacity for clean energy in Africa by the year 2030. As the largest pure-play renewable energy company on the continent, we are proud of our long-term partnerships, and we look forward to developing an important pipeline of clean energy projects, working for Africa, with Africa.”

At COP28, Masdar announced partnership agreements with both governments and private entities in six African countries:

  • Angola Masdar and the Republic of Angola’s Ministry of Energy and Water signed a Concession Agreement for the first 150MWac solar PV project in Quipungo under Phase I of the 2GW renewable energy collaboration between the governments of the UAE and the Republic of Angola the first renewable energy project under the strategic G2G collaboration between the two countries.
  • Uganda – The Prime Minister of Uganda, Her Excellency Robinah Nabbanja, announced at COP28 that Masdar and Uganda’s Ministry of Energy and Mineral Development had signed a Roadmap Agreement for the implementation of a 150MW Solar PV project under Phase I of a 1GW collaboration between the two nations.
  • The Republic of Congo – MW Energy, a Masdar subsidiary, Africa50, and the Ministry of Energy & Hydraulics of the Republic of Congo signed a Memorandum of Understanding (MoU) to develop 500MW of renewable energy capacity in the country.
  • Kenya – During the Green Industrialization Initiative convened at COP28, Kenya President William Ruto announced that the Geothermal Development Company of Kenya and Pertamina Geothermal Energy (PGE) of Indonesia, are to collaborate on geothermal energy development in Kenya – Masdar is proud to support the expansion of geothermal energy capacity in the East African nation through its investment in PGE.
  • Mozambique – Infinity Power, a Masdar Infinity company, the largest pure-play renewable energy company in Africa, has announced the signing of a Memorandum of Understanding (MoU) with Mozambique’s Ministry of Energy and Mineral Resources. This agreement aims to explore potential opportunities for up to 1GW of renewable projects in Mozambique. The projects initiated through this cooperation have the potential to provide Mozambique with enough energy to power 400,000 households and will offset 3.8 million tonnes of carbon emissions, over its 20-year life cycle. In parallel, Masdar and Infinity are exploring a collaboration with Africa50, through their JV Infinity Power, on floating solar photovoltaic (PV) projects in Mozambique.
  • Zambia – Masdar, ZESCO, and International Resource Holdings, an affiliate of International Holding Company, to collaborate in the Zambian market through the decarbonization of mining operations in the country. Masdar will look to supply green electricity from renewable energy projects to power IRH mines.

Masdar, one of the world’s fastest-growing clean energy companies and the largest in Africa, has committed to deploying US$2 billion of equity by 2030 in Africa as part of the UAE-led Africa Green Investment Finance Initiative, which was announced during the Africa Climate Summit by HE Dr Sultan Al Jaber, Chairman of Masdar and COP28 President. Masdar’s commitment aims to mobilize a total of US$10 billion in investments to deliver 10 GW of clean energy capacity in Africa by 2030.

Read Also: Masdar Unleashes The Sun: A Radiant Dawn In Azerbaijan’s Clean Energy Future




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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