- Masdar has just partnered with the International Finance Corporation (IFC).
- The aim is to invest in renewable energies and the emerging green hydrogen sector in developing countries, particularly in Africa.
Masdar has a powerful ally for the expansion of its operations in underdeveloped nations. The International Finance Corporation is responsible (IFC). Masdar, which aims to make significant investments in renewable energies and the developing green hydrogen market in Africa, should be accompanied by the World Bank Group subsidiary in charge of funding the private sector.
Masdar, also known as Abu Dhabi Future Energy Company, made a commitment to construct 5,000 MW of installed solar power capacity in different African nations during the Abu Dhabi Sustainable Development Week, which came to a close in January 2023. The business has committed to building 2,000 MW in Angola, 1,000 MW in Zambia, and 500 MW in Ethiopia.
Masdar has secured its first license in Egypt to produce green hydrogen. The UAE and Egypt’s Hassan Allam Utilities have teamed up to construct 4 GW of renewable energy electrolysis capacity in this North African nation. Producing other low-carbon substances and fuels, such as green ammonia for decarbonizing nitrogen fertilizers, sustainable aviation fuel, and e-methanol for maritime transportation, will be made possible by the green hydrogen that is created.
The IFC is anticipated to play a key role in securing funding for its projects. Through its “Scaling Solar” program, which facilitates the development of solar photovoltaic power plants within the framework of public-private partnerships (PPPs) across Africa, the World Bank Group subsidiary is notably engaged in the continent’s renewable energy sector.
A collaboration agreement for the construction of four solar photovoltaic power plants with a combined capacity of 50 MWp was recently signed in Mozambique by the financial organization led by Makhtar Diop and the public business Electricidade de Moçambique (EDM).