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UAE’s Masdar Wants to Invest $10B in Renewable Energy in Africa by 2030, Including Mozambique

UAE’s Masdar Wants to Invest $10B in Renewable Energy in Africa by 2030, Including Mozambique

On the sidelines of COP28 in Dubai, independent power producer (IPP) Abu Dhabi Future Energy Company (Masdar) signed agreements with at least six African countries to develop 10 GW of installed renewable energy capacity by 2030.

Abu Dhabi Future Energy Company (Masdar) wants to play a part in Africa’s electrification and energy transition. The promise made at the beginning of the year was renewed recently, on the sidelines of COP28 in the United Arab Emirates (UAE). The Emirati company aims to develop 10 GW of installed capacity over the next seven years in six sub-Saharan African countries.

Masdar has signed a concession agreement with the Angolan government for an initial 150 MW solar photovoltaic project in Quipungo as part of phase I of a 2 GW renewable energy collaboration. The company has also committed to producing 1 GW in Uganda with an initial 150 MW solar power plant. In Mozambique, investments will be made as part of Infinity Power, a joint venture between Masdar and Egyptian company Infinity Energy.

Investment in geothermal energy
In Mozambique, Masdar expects to have an installed capacity of 1 GW. According to the company headed by Mohamed Jameel Al Ramahi, cooperation with the authorities will provide Mozambique with enough energy to power 400,000 homes and offset 3.8 million tonnes of carbon dioxide (CO2) emissions over a 20-year life cycle. “At the same time, Masdar and Infinity are considering collaborating with Africa50 on floating solar photovoltaic (PV) projects in Mozambique,” announced the Abu Dhabi-based company.

The Emirati energy company is also planning to develop 500 MW of capacity in the Congo. Investments will be made in the productive use of electricity, mainly in the mining sector in Zambia. The company is also eyeing geothermal energy, and is set to invest indirectly in Kenya as part of a partnership between the state-owned Geothermal Development Company (GDC) and the Indonesian company Pertamina Geothermal Energy (PGE), in which Masdar holds a stake.

A total investment of $10 billion
For all these projects, the independent power producer is expected to invest 2 billion dollars of equity capital between now and 2030, as part of the “green investment financing initiative in Africa led by the Arab Emirates”, explained Sultan Al Jaber, Masdar’s Chairman at COP28. The aim of this commitment is to mobilise a total of $10 billion in investment in renewable energies in Africa.

See Also

Masdar has not developed any renewable energy projects in sub-Saharan Africa in recent years. However, as part of its joint venture with Infinity Energy, the IPP acquired Lekela Power and all its assets, including the Taïba N’Diaye wind farm in the Thiès region of western Senegal. Masdar is more active in North Africa, particularly in Egypt, where the company wants to produce green hydrogen and its derivatives in the Suez Canal economic zone.

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