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Masdar pushes to unlock Africa energy transition at COP28

Masdar has committed to deploying US$2bn of equity by 2030 in Africa. (Image source: Masdar)

At the United Nations Climate Change Summit (COP28) in Dubai, The Abu Dhabi Future Energy Company PJSC – Masdar (Masdar) advanced its 10GW growth plan across six sub-Saharan nations in support of the recently launched Africa Green Industrialisation Initiative

“Masdar’s growth plans will help unlock Africa’s clean energy potential and further advance its energy transition,” remarked Mohamed Jameel Al Ramahi, CEO of Masdar. “This follows Masdar’s landmark commitment to mobilise US$10bn in finance and 10GW 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 the conference in Dubai, Masdar announced partnership agreements with both governments and private entities in:

• Uganda: Masdar and Uganda’s Ministry of Energy and Mineral Development signed a Roadmap Agreement for the implementation of a 150MW Solar PV project under Phase I of a 1GW collaboration between the two nations.

• Kenya: Kenya President William Ruto announced that Geothermal Development Company of Kenya and Pertamina Geothermal Energy (PGE) of Indonesia, are to collaborate on geothermal energy development in Kenya. Masdar will support the expansion of geothermal energy capacity in the nation through its investment in PGE.

• The Republic of Congo: MW Energy, a Masdar subsidiary, Africa50 and the Ministry of Energy & Hydraulics of the Republic of Congo signed a MoU to develop 500MW of renewable energy capacity in the country. 

• Mozambique: Infinity Power, a Masdar Infinity company, signed a MoU with Mozambique's Ministry of Energy and Mineral Resources to explore potential opportunities for up to 1GW of renewable projects in the country.

• Zambia: Masdar, ZESCO and International Resource Holdings will collaborate in the Zambian market through the decarbonisation of mining operations in the country. 

• 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. Click here to discover this announcement in more detail.

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