Business is booming.

Masdar Plans $10 Billion Investment In Renewable Energies For Africa By 2030

By Faridat Salifu

Masdar, an independent power producer based in the United Arab Emirates, has committed to investing $10billion in renewable energies across Africa by 2030.

During the recent COP28 summit in Dubai, Masdar announced agreements with six sub-Saharan African countries to develop 10 gigawatts (GW) of installed renewable energy capacity, reaffirming its commitment to support the continent’s electrification and energy transition.

As part of its expansion efforts in Africa, Masdar has signed a concession agreement with the Angolan government for a 150 MW solar photovoltaic project in Quipungo, marking the initial phase of a collaboration aimed at delivering 2 GW of renewable energy.

The company has also pledged to develop 1 GW of capacity in Uganda, with an initial focus on a 150 MW solar power plant, as well as investment initiatives in Mozambique through Infinity Power, a joint venture with Egyptian company Infinity Energy.

In Mozambique, Masdar aims to establish 1 GW of installed capacity, with plans to cooperate with local authorities to provide energy for 400,000 homes and offset 3.8 million tonnes of carbon dioxide (CO2) emissions over a 20-year lifecycle.

Additionally, Masdar and Infinity are considering collaboration with Africa50 on floating solar photovoltaic (PV) projects in Mozambique.

The company’s ambition extends to the Congo, where it plans to develop 500 MW of renewable energy capacity, and it also intends to invest in leveraging geothermal energy in partnership with state-owned Geothermal Development Company (GDC) and Indonesian company Pertamina Geothermal Energy (PGE) in Kenya.

To realize these initiatives, Masdar is expected to invest $2 billion of equity capital by 2030 as part of the “green investment financing initiative in Africa led by the Arab Emirates,” as detailed by Sultan Al Jaber, Masdar’s Chairman at COP28. The goal of this commitment is to mobilize a total of $10 billion in renewable energy investments in Africa.

While Masdar has been more active in North Africa, particularly in Egypt, where the focus is on producing green hydrogen and its derivatives, the company’s recent endeavors demonstrate its profound dedication to facilitating sustainable energy development across sub-Saharan Africa.

This commitment aligns with its strategic vision to contribute to the continent’s energy landscape through substantial investments in renewable energies.

 

 

Quality journalism costs money. Today, we’re asking that you support us to do more. Support our work by sending in your donations.

The donation can be made directly into NatureNews Account below

Guaranty Trust Bank, Nigeria

0609085876

NatureNews Online

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Footer Image