Masdar, one of the world’s leading renewable energy companies, and W Solar Investment, a subsidiary of Alpha Dhabi Holding in the solar energy industry, have formed a joint venture company to develop clean energy projects in a range of geographies.
The new company, MW Energy Limited, will act as a development platform, focusing initially on a pre-identified pipeline of projects, while also exploring new opportunities.
The shareholder agreement establishing the JV company was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Syed Basar Shueb, Vice Chairman of Alpha Dhabi Holding. Abu Dhabi-based Chimera Capital advised W Solar on the JVC.
Al Ramahi, CEO of Masdar, said: “Masdar is committed to supporting the UAE’s sustainable development and to maintaining the nation’s leading role in the global energy transition. Having more than tripled the capacity of our renewable energy portfolio within three 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.
“Through this JVC, we will be able to respond faster to market opportunities, extend our footprint into new geographies, and support more nations in their climate action.”
The JVC will focus initially on the development of pre-identified projects, primarily in Africa and in the Commonwealth of Independent States (CIS) region – Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Georgia – as well as other geographies. The total capacity of these pre-identified projects is more than 8 gigawatts (GW), and the company will also explore and develop other opportunities to meet the shareholders’ clean energy objectives.
MW Energy will also support the Etihad 7 innovation program, a UAE-led initiative to secure funding for renewable energy projects in Africa that aims to supply clean electricity to 100 million people by 2035. The program will raise funds from the public and private sectors for clean energy investment, with guidance and coordination from the Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Office of the Special Envoy for Climate Change.
Masdar recently signed a partnership with Manchester City with the aim of raising awareness on sustainability.
Also read:
Masdar, ENGIE to co-develop green hydrogen for Fertiglobe’s ammonia production
Masdar awarded investment grade credit ratings by Moody’s and Fitch
