Abu Dhabi’s renewable energy company Masdar and solar investment company W Solar Investment have set up a joint venture to develop renewable energy projects with a focus on Africa and the region of the Commonwealth of Independent States.
Dubbed MW Energy Ltd, the new company is starting with an initial pipeline of 8 GW of pre-identified projects and will seek new opportunities to expand it, Masdar said on 25th January.
MW Energy will also support the Etihad 7 innovation programme led by the United Arab Emirates that is meant to raise financing from the public and private sectors for renewable energy projects in Africa. The initiative aims to supply clean electricity to 100 million people by 2035.
The joint venture will expand Masdar's presence into new markets and enable the renewables developer to take advantage of market opportunities.
"Having more than tripled the capacity of our renewable energy portfolio within 3 years, we are committed to extending our reach even further, by entering new markets and by partnering with other Abu Dhabi entities to become a global leader in clean energy," said Masdar's CEO Jameel Al Ramahi.
Masdar has been stepping up its efforts to expand its green energy capacity in recent months. Earlier this week, the company unveiled the creation of a joint venture with Indonesian energy group PT Mitrabara Adiperdana Tbk that will focus on commercial & industrial (C&I) renewable energy projects in Indonesia. Other initiatives, that were announced over the last Month, include a plan for 1.2 GW of solar plants and potentially energy storage capacity in Indonesia and a partnership with Japanese firm Cosmo Energy Holdings Co Ltd (TYO:5021) on offshore wind, hydrogen and other green energy projects in Japan.