- Masdar and W Solar have agreed to develop clean energy projects.
- Both companies have formed a joint venture which will collaborate with the Etihad 7 Innovation program
- The Joint venture will develop an initial 8GW.
Masdar, a multinational energy company, based in the United Arab Emirates (UAE), has partnered with W Solar, a UAE investment firm and renewables infrastructure developer, to build clean energy capacity primarily in Africa. The two parties have formed MW Energy, a new joint venture company in charge of funding, developing, and operating an initial 8GW of renewable energy capacity across the focus regions.
According to Masdar CEO Mohamed Jameel Al Ramahi, the joint venture will allow the company to expand its footprint in Africa. In addition, the joint venture aims to accelerate energy transition and decarbonisation while improving access to electricity for over 600 million people living in energy poverty. Al Ramahi stated that “through this JVC, we will be able to respond faster to market opportunities, extend our footprint into new geographies, and support more nations in their climate action.”
Ramahi noted that Masdar had tripled its clean energy portfolio in three years. The joint venture will leverage this experience to accelerate Africa’s transition to renewables. In addition, the JV will collaborate with the Etihad 7 Innovation program, a UAE government initiative to raise capital for clean energy deployment. The program aims to provide clean energy to 100 million Africans by 2035.