Dubai-based renewable energy company Masdar has inked significant agreements during the COP28 conference to bolster renewable energy projects in Africa. The deals include the development of 300MW of new solar capacity in Angola and Uganda, marking a pivotal step in Masdar's ambitious plan to establish 10GW of renewable capacity across the African continent.
The key highlights of the agreements comprise a 150MWac solar project in Quipungo, southwestern Angola, for which Masdar has signed a concession agreement with the Angolan energy ministry. Additionally, a 150MW solar project in Uganda is part of a roadmap agreement inked with the Ugandan government. These projects align with Masdar's broader vision to develop 2GW of renewable capacity in Angola and 1GW in Uganda.
Masdar CEO Mohamed Jameel Al Ramahi expressed the company's commitment to unlocking Africa's clean energy potential, stating, “Masdar's growth plans will help unlock Africa's clean energy potential and further advance its energy transition.” Al Ramahi also highlighted Masdar's landmark commitment to mobilize $10 billion in finance and 10GW of capacity for clean energy in Africa by 2030.
The financing for these ventures is part of the UAE's Africa Green Investment Initiative, a $4.5 billion plan designed to support various infrastructure projects across Africa through a combination of private and public funding and development capital.
Masdar has previously made substantial energy investments in Africa, including a memorandum of understanding to develop 500MW of renewable capacity in the Republic of Congo. These new agreements further solidify Masdar's presence in Africa, complementing its existing portfolio, which includes the 1.8GW Benban solar project in Egypt, currently the fourth-largest in the world by capacity.
The recent developments add to a series of deals initiated by Masdar at the onset of COP28, including a collaboration with French developer EDF to construct a 3.6GW renewable energy portfolio in the Kyrgyz Republic. Masdar's endeavors underscore the company's dedication to advancing sustainable energy solutions on a global scale.
