Masdar commits US$10bn for 10GW of clean energy for Africa

We must close the gap on climate finance in the global south which is disproportionately affected by climate change says HE Dr Sultan Al Jaber, Masdar

Founded by the UAE government in 2006 and headquartered in Abu Dhabi, Masdar is a global leader in renewable energy and green hydrogen, active in over 40 countries. It has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW), and by 2030 it aims to increase this to at least 100 GW by 2030, alongside targeting green hydrogen production of 1 million tonnes per annum by the same year.

Masdar — also known as Abu Dhabi Future Energy Company PJSC — is one of the world’s largest clean energy companies and the largest in Africa

Partnerships boosting clean energy in Africa

Masdar has partnered with Africa50, the pan-African infrastructure investment platform to identify, fast-track and scale clean energy projects across the continent. The companies are collaborating to catalyse sustainable development of the clean energy sector in Africa, bridging the infrastructure funding gap and mobilising public and private finance. 

“We welcome this important partnership with Africa50 which brings a key stakeholder to the table for an inclusive, equitable and just energy transition,” says HE Dr Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate. 

“We look forward to working with Africa for Africa. The world must continue to close the gap on climate finance for clean energy investment in the global south which is disproportionately affected by climate change. We need the public and private sectors to work together to deliver clean energy access across Africa – a key mission and objective of Africa50. This can be accelerated in countries with robust regulatory frameworks, clear transition strategies and a real commitment to developing grid structure.”

Masdar has committed a total of US$10bn in clean energy finance — of which US$2bn will be generated from equity — to target the delivery of 10GW of clean energy capacity in Africa by 2030.

“As the largest renewable energy company in Africa, through our joint venture with Infinity Power, it is fitting that Masdar, with Africa50, should take this bold step forward which will unlock much needed climate finance for the energy transition,” comments Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

“It is a key strategic market for Masdar and we are proud of our long-term partnerships and projects in Africa. Our portfolio today includes Senegal’s first utility-scale wind farm, under Masdar’s Infinity Power Holding platform (IPH), Mauritania’s first and largest solar photovoltaic project, and the development of Africa’s largest wind farm in Egypt with IPH and other partners. With Africa50, Masdar looks forward to unlocking the enormous clean energy potential across the continent,”

The UAE investment initiative sits under the umbrella of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022 and spear-headed by the Ministry of Foreign Affairs (MoFA). Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

“Partnerships are key to our goal of scaling up and accelerating the delivery of bankable and sustainable infrastructure across Africa. We are pleased to join forces with Masdar through this signing,” adds Alain Ebobissé, Chief Executive Officer of Africa50.

“We believe that this step will become one of many, on a journey to drive transformative projects that support Africa’s path to net-zero and help build cleaner economies for future generations.”

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