- Masdar, UAE’s flagship renewable energy firm will work with Africa50 to identify, accelerate and scale clean energy projects across the continent.
- Ahead of COP28, Masdar will seek to unlock 10GW of clean energy projects for millions of people across Africa by 2030.
- The deal was struck on the sidelines of Africa Climate Summit held in Nairobi, Kenya.
Abu Dhabi Future Energy Company PJSC, known as Masdar, has joined hands with Africa50, the pan-African infrastructure investment platform, to propel the clean energy revolution across Africa, home to 1.3 billion people.
This collaboration, solidified by a memorandum of understanding (MoU) signed by Masdar CEO Mohamed Jameel Al Ramahi, and Alain Ebobissé, CEO of Africa50, is set to bridge the infrastructure funding gap and mobilize both public and private finance to fast-track and scale clean energy projects.
Africa’s journey to sustainable future
The alliance between Masdar and Africa50 brings together two powerhouses—one known for its technical expertise and extensive experience in emerging markets and the other celebrated for its prowess in developing projects in Africa.
This synergy aims to unlock Africa’s vast potential in the clean energy sector, propelling the continent towards sustainable development.
The agreement, inked on the sidelines of the Africa Climate Summit, marks a pivotal moment in Africa’s journey towards a sustainable energy future.
As part of the UAE finance initiative, Masdar has committed $2 billion of equity. This initiative, unveiled during the Africa Climate Summit by HE Dr. Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate, serves as a convergence point for public, private, and development capital from UAE institutions, including Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. (https://www.nelsongreerpainting.com/) Africa50 is also expected to become a strategic partner in this landmark initiative.
Dr Al Jaber, who is also UAE Minister of Industry & Advanced Technology, Chairman of Masdar, underscored the importance of this partnership. He emphasized the need for collaboration between the public and private sectors to drive clean energy access across Africa—a mission and objective shared by Africa50.
Dr. Al Jaber called for collective efforts to close the climate finance gap, particularly in the global south, which bears the disproportionate impact of climate change.
Africa’s clean energy potential
Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted the significance of this collaboration as Masdar’s largest renewable energy venture in Africa. With a growing portfolio that already includes projects such as Senegal’s first utility-scale wind farm, Mauritania’s largest solar photovoltaic project, and Africa’s largest wind farm in Egypt, Masdar is poised to unlock Africa’s enormous clean energy potential in partnership with Africa50.
Masdar’s commitment goes beyond this partnership, as the company has pledged a total of $10 billion in clean energy finance. Of this, $2 billion will be generated from equity, with an additional $8 billion mobilized from project finance.
This substantial investment aims to deliver an impressive 10GW of clean energy capacity in Africa by 2030, catalyzing the continent’s sustainable energy transformation.
Alain Ebobissé, CEO of Africa50, echoed the significance of this partnership in driving transformative projects that support Africa’s path to a net-zero future and cleaner economies for generations to come.
In addition to their collaborative efforts, Masdar and Africa50 will explore opportunities to contribute to the Alliance for Green Infrastructure in Africa (AGIA), a landmark initiative launched at COP27 by the African Union Commission, the African Development Bank, and Africa50.
Read Also: Kenya secures multi-billion green deals at Africa Climate Summit
Agreement aligns with Etihad 7 goals
This partnership falls under the umbrella of Etihad 7, a development platform initiated by the UAE at Abu Dhabi Sustainability Week last year and led by the Ministry of Foreign Affairs (MoFA).
Etihad 7’s vision is to provide clean electricity to 100 million people across Africa by 2035, aligning with Masdar and Africa50’s mission to drive the clean energy revolution.
Established in 2006, Masdar stands as the UAE’s clean energy powerhouse, actively engaged in over 40 countries and boasting a portfolio of renewable energy projects with a combined capacity of approximately 20 gigawatts (GW).
With ambitions to grow this to at least 100GW by 2030 and target green hydrogen production of one million tonnes per annum by the same year, Masdar is a formidable force driving the global transition to sustainable energy.
The partnership with Africa50 marks a significant step towards securing a brighter, cleaner future for the African continent.
