Newsroom

· UAE’s Masdar signs agreement with PLN Nusantara Power (PLN NP) for major expansion to successful 145MW Cirata floating solar photovoltaic power plant in Indonesia
· Development will triple capacity to add up to 500 megawatts (MW) in joint venture with PLN NP, a subsidiary of Indonesia’s state electricity company PT PLN (Persero)
· Ahead of the UAE hosting COP28, development demonstrates Masdar’s market expansion in Southeast Asia and commitment to supporting Indonesia’s net-zero goals

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and PLN Nusantara Power (PLN NP), have signed an agreement to develop Phase II of the successful Cirata floating photovoltaic (FPV) power plant in Indonesia by up to 500MW, in a major expansion to Southeast Asia’s largest FPV plant.

The signing ceremony was witnessed by UAE Minister of Energy and Infrastructure, HE Suhail Al Mazrouei, Indonesia’s Minister of Defense, HE Prabowo Subianto, and Indonesia’s Coordinating Minister of Maritime and Investment Affairs, HE Luhut Binsar Pandjaitan. Also in attendance were the UAE Ambassador to Indonesia, ASEAN and Timor Leste, HE Abdulla Al Dhaheri, and Indonesia’s Ambassador to the UAE, HE Husin Bagis. The ceremony was held at the UAE-Indonesia Economic Forum hosted by the UAE Embassy of Indonesia to deepen the clean energy partnership between the two nations. 

The initial 145MW phase of the innovative floating PV project, located in the picturesque Cirata reservoir in West Java, Indonesia, is expected to come online later this year. A recent regulatory development from the Ministry of Public Works and Housing in Indonesia now allows up to 20% of water coverage for renewable energy uses which will open up the Cirata expansion to a further 500MW, in addition to the 145MW expected to be operational this year.

HE Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, said: “The UAE and Indonesia share a common vision of achieving sustainable development and realize that renewables are at the heart of this vision. I am pleased to see that this partnership has been taken to the next level. Such partnerships feed into our priorities for COP28, where the energy transition will be front and center with a concerted push to triple renewable energy capacity by 2030.”

The Ambassador of the United Arab Emirates to the Republic of Indonesia and ASEAN, HE Abdulla Salem Obaid Salem Al Dhaheri, commented: “As we host the UAE-Indonesia Economic Forum, it is a pleasure to witness Indonesia and the UAE demonstrating to the world our collective leadership in climate action, showcasing innovation that benefits both the environment and the economy in supporting the global energy transition.”

Indonesia is a key strategic market in Southeast Asia for Masdar with an expanding portfolio of interests. Masdar developed the region’s largest floating solar facility, the 145 MW Cirata floating solar PV plant (Cirata Phase I) in a joint venture with PT PJB, now PLN NP. In February 2023, Masdar entered the geothermal energy sector through a strategic investment in Pertamina Geothermal Energy (PGE). Masdar also opened an office in Jakarta, Indonesia, in 2021 to further strengthen links with key players within the region.

Mohamed Jameel Al Ramahi, Masdar’s Chief Executive Officer, commented, “Masdar, the UAE and Indonesia are pushing the boundaries of innovation with the Cirata floating solar photovoltaic project, already the largest in the region at 145MW – and set to grow by an impressive additional 500MW as part of Phase II. Within the key strategic markets of Southeast Asia and Indonesia, Masdar is building on our productive partnership with PLN group to grow renewable energy capacity and support Indonesia’s ambitious net-zero objectives ahead of COP28 and beyond.”

Indonesia has plans to increase its renewable energy mix and has pledged to reach net-zero emissions by 2060 or sooner. The Southeast Asian nation has committed to a 29% reduction in greenhouse gas (GHG) emissions by 2030, or a 41% reduction with international support. Ahead of COP28 to be hosted in the UAE later this year, the Memorandum of Understanding (MoU) expansion agreement demonstrates the UAE’s commitment to supporting countries around the world with their decarbonization plans for a cleaner, greener future.

Scaling up renewables could save Indonesia, the largest energy user in the Association of Southeast Asian Nations (ASEAN) region, as much as US$ 51.7 billion per year when the impacts on air pollution and climate change are included, according to the International Renewable Energy Agency (IRENA). 

President Director of PLN NP, Ruly Firmansyah, said: “We’re delighted to be growing our renewable energy portfolio for Indonesia as we extend our successful partnership with Masdar. The Cirata floating solar photovoltaic power plant is already a regional leader in size and innovation. With this next phase of development, we can further expand what is already the largest floating solar PV platform in Southeast Asia at 145MW which PLN NP and Masdar will be bringing into operation this year.” 

Established in 2006, Masdar is active in more than 40 countries with a total combined electricity generation capacity of more than 20GW. It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030. 

•  Emerge, a joint venture between Masdar and EDF, to install 1 MW peak capacity solar power project at non-profit American school in UAE
•  Project will generate approx 35% of American Community School’s annual energy, equivalent of displacing 770 tonnes of CO2 from the atmosphere

Emerge, a joint venture between the UAE’s Masdar and France’s EDF, has signed an agreement with American Community School of Abu Dhabi (ACS) to install a 1 megawatt peak (MWp) solar photovoltaic (PV) project at ACS’s new environmentally sustainable campus on Saadiyat Island, UAE. The project will generate approximately 35 percent of ACS’s total annual energy demand, an equivalent of displacing 770 tonnes of carbon emissions every year. The project fully aligns with the UAE sustainability goals and contributes to the country’s Net Zero by 2050 strategic initiative.

The project will involve installing 1,380 solar modules across the rooftop and car park spaces at the new state-of-the-art campus. Emerge will provide a full turnkey solution for the project, including finance, design, procurement, construction, operations, and maintenance for 25 years.

Michel Abi Saab, General Manager, Emerge, said:

Monique Flickinger, Superintendent, American Community School, said:

This project marks another expansion in Emerge’s UAE portfolio. Emerge was formed in 2021 as a joint venture between Masdar and EDF to develop distributed solar, energy efficiency, street lighting, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. Emerge offers clients full turnkey supply and demand side energy management solutions through solar power agreements and energy performance contracting at no up-front cost to the client.

New eco infrastructure facility will save nearly half a million tons of CO2 emissions every year

Riyadh, 11 September, 2023: Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has entered into a 25-year concession agreement with the French multinational electric utility company EDF (Électricité de France) and leading clean energy company Masdar on a multi-utilities infrastructure facility to service the Amaala destination. 

Like its sister destination, The Red Sea, Amaala will be powered entirely by solar energy, saving the equivalent of nearly half a million tons of CO2 emissions every year. The new facility consists of an optimized off-grid renewable energy system, which generates energy from photovoltaic technology, and a battery energy storage solution that enables 24/7 power, plus a desalination plant and wastewater treatment plant, both powered by renewables.

said John Pagano, Group CEO of Red Sea Global. 

Amaala’s renewable supply system has the capacity to generate up to 410,000 MWh per annum - enough to power 10,000 households for an entire year. The system includes a 700 MWh battery storage facility, which ensures Amaala will be powered by renewables, day and night. There will also be a water desalination plant that uses reverse osmosis technology and has a capacity of 37 million liters of water per day.

The contract was procured in the model of an independent public-private partnership (PPP), covering the design, construction and operation of the systems providing utilities, accompanied by the associated networks and infrastructure.

Béatrice Buffon, Group Executive Vice-President in charge of EDF’s International Division, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

For this fully integrated utility project in partnership with Red Sea Global and EDF, we have brought together a suite of innovative solutions and technologies including solar, battery storage and desalination. It is a remarkable, unique project which will help drive sustainable economic development to the beautiful tourism destination of Amaala.

“The Kingdom of Saudi Arabia is a key strategic market for Masdar and as a leading renewable energy company and longstanding partner, we are committed to playing an important role in supporting the country’s Vision 2030 Strategy as it aims to meet its ambitious targets of delivering 50% of its energy needs from renewables by the end of the decade.

The utilities concession agreement between RSG, EDF and Masdar has an initial 25-year term with the option to extend and involves the financing, engineering, development, construction, operation, maintenance and transfer of a multi-utilities infrastructure facility.

While this deal helps Amaala reach its net-zero ambitions, the destination will go beyond sustainability to have a regenerative impact on the environment, with the aim of delivering a 30% net conservation benefit to local ecosystems by 2040. This will be achieved by enhancing biologically diverse habitats including mangroves, seagrass, corals and land vegetation that help biodiversity to flourish, while contributing to carbon sequestration efforts too.

Phase One of Amaala is focused on the Triple Bay masterplan and will be ready to welcome first guests in early 2025. Once complete, the destination will be home to more than 3,900 hotel rooms across 29 hotels and 1,200 high-end resident villas, apartments and estate homes, alongside high-end retail establishments, fine dining, wellness and recreational facilities.

It also includes a vibrant community for the more than 15,000 people who will live and work at Amaala when fully complete. 

· Masdar, UAE’s clean energy powerhouse, agrees roadmap for delivering up to 1GW wind project, with battery energy storage system, in southern Kazakhstan
· Ahead of UAE hosting COP28, project demonstrates support for Kazakhstan’s goal of meeting half its energy needs with renewables by 2050

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, signed a roadmap for developing up to 1 gigawatt (GW) wind power plant in Kazakhstan to support the country’s goal of achieving half its energy mix from renewables by 2050.

The Central Asian country is a key strategic market for Masdar, the UAE’s flagship renewable energy company, which has been steadily investing in the region in recent years. The roadmap for developing the up to 1 GW wind project, with a battery energy storage system (BEES), was signed by four partners on the sidelines of the Astana International Forum. HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Infrastructure, witnessed the signing. The signatories were: Masdar, the Ministry of Energy of the Republic of Kazakhstan, the Kazakhstan Investment Development Fund (KIDF) Management Company Ltd., and Samruk-Kazyna, a joint stock company sovereign wealth fund.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said, “The UAE and Masdar are proud to be supporting Kazakhstan’s renewable energy goals. This wind project, which will generate up to 1 GW of clean electricity to power homes and cut emissions, shows sustainable development in action. To meet the Paris Agreement goals to keep 1.5 within reach, humanity needs to take many bold steps, including tripling worldwide renewable energy capacity by the end of this decade.  As proud hosts of COP28, the UAE is deeply committed to investing in and partnering with countries to boost clean energy around the world.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “Masdar is very excited about its first project in Kazakhstan. We aim to deliver a world-class wind plant and battery energy storage system that will support Kazakhstan’s energy transition and advancement of its net zero ambitions. We welcome the signing of the project roadmap which further strengthens our relationship with Kazakhstan and demonstrates our commitment to helping the Kazakh government achieve its clean energy objectives.” 

Marat Tulebaev, Chief Executive Officer of the Kazakhstan Investment Development Fund (KIDF) Management Company Ltd., said, “KIDF is a government risk mitigation mechanism designed to provide comfort to foreign investors and global players like Masdar by co-investing in projects. We are pleased to note the progress of the project for the construction of up to 1GW wind farm with the first phase to be developed in the Jambyl region. This is a significant step forward in developing the joint implementation of Masdar’s first wind project in our country. We look forward to strengthening our partnership in the future and believe that this project meets our country's growing demand for electricity by helping to shift the energy supply model towards renewable energy sources.”

• Masdar, UAE’s flagship renewable energy company, along with Infinity Power and Hassan Allam Utilities signs land agreement for 10GW mega wind project
• Signing witnessed by Egyptian Prime Minister HE Moustafa Madbouly and HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar 
• Project will cut carbon emissions by 23.8 million tonnes a year – equivalent to 9 percent of Egypt’s current carbon footprint
• Ahead of UAE hosting COP28, development shows UAE’s commitment to supporting Egypt’s renewable energy goals

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, along with Infinity Power, Africa’s largest renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused investment platform, signed an agreement with Egypt's New and Renewable Energy Authority to secure land to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value of over US$ 10 billion.

The signing in Cairo was witnessed by Egyptian Prime Minister, HE Moustafa Madbouly, HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, HE Dr Mohamed Shaker El-Markabi, Minister for Electricity and Renewable Energy, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Nayer Fouad, Chief Executive Officer of Infinity Power, and Hassan and Amr Allam, Chief Executive Officers of Hassan Allam Holding.

The landmark wind project will produce 47,790 GWh of clean energy per year and reduce around 9 percent of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually.  The wind farm will also help Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030. The 10 GW plant will save the North African nation an estimated US$ 5 billion in natural gas costs a year.

The original agreement to develop the 10 GW wind farm was signed between Masdar, Hassan Allam Utilities and Infinity Power and the Egyptian Electricity Transmission company and witnessed by the presidents of the UAE and Egypt on the sidelines of the UN climate change conference, COP27, in Sharm El Sheikh, Egypt last year.

As the UAE’s flagship renewable energy company, Masdar’s role demonstrates its deep and lasting commitment towards supporting African nations such as Egypt to meet their ambitious renewable energy objectives. The project is being developed by the consortium led by Masdar and its partners: Infinity Power, Masdar’s joint venture with Egypt’s Infinity, which is Africa’s largest pure play renewable power company; and Hassan Allam Utilities, a sustainable infrastructure focused investment platform.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “This 10GW onshore wind project is set to be one of the largest wind farms in the world, and largest on the African continent. It is a sign of the strong partnership between the UAE and Egypt, with great potential to create jobs, cut emissions and power homes with clean electricity at competitive economical costs.  The world needs to triple renewable energy capacity by 2030 to meet the goals of the Paris Agreement. Projects like these will support the global efforts to reduce the impact of climate change and help keep the ambition of 1.5 intact while enabling significant socio-economic growth. The UAE looks forward to hosting COP28, we continue to stand shoulder-to-shoulder with the Global South in their efforts to decarbonize and secure a just energy transition.”

HE Dr Mohamed Shaker Al-Markabi, Minister of Electricity and Renewable Energy in Egypt, said: “Egypt  has an ambitious program to advance the Egyptian electricity sector in various fields, foremost of which is optimizing the use of new and renewable energy resources and encouraging investment in this field, which would contribute to reducing dependence on fossil fuels and continue to reduce carbon emissions, in line with Egypt’s energy strategy to have up to 42 percent of our energy mix from renewable energy sources by 2030, while complementing the National Climate Strategy 2050 to face the challenges of climate change and achieve sustainable economic growth.”

He added: “This project represents a continuation of the historical and brotherly relations between the Arab Republic of Egypt and the UAE and reflects the fruitful and constructive cooperation between the two brotherly countries. Renewable energy in Egypt has the potential to attract direct foreign investments, and the national Egyptian entities play a vital role in creating an environment that is supportive of investment with low risks, and high interaction with the financing institutions and development partners. In addition, Egypt has comparative advantages in terms of the land available which is necessary to produce a huge volume of electricity from renewable resources. Furthermore, Egypt's geographical location enables it to export green energy to Europe, especially as the country looks to further enhance and raise the efficiency of its national grid.”

In March, Masdar became the largest operator of renewables in Africa after its joint venture with Egypt’s Infinity - Infinity Power - acquired Lekela Power, a renewables developer with operations across the continent.  Masdar also demonstrated its commitment to African nations by signing deals to develop renewable energy projects with a combined capacity of up to 5 GW in Angola, Uganda, and Zambia, in January. 

Mohamed Jameel Al Ramahi, CEO, Masdar, said: “Masdar is proud to be working with global partners to maximize our direct impact on Egypt in all fields of business and economy, and help addressing urgent global sustainability challenges and supporting the global efforts to develop sustainable solutions to produce energy using the latest available technologies with the lowest competitive cost. This mega project – which will transform lives and livelihoods - is the culmination of hard work, dedication, and steadfast partnership between Masdar, our joint venture - Infinity Power - and Hassan Allam Utilities.”

Nayer Fouad, CEO, Infinity Power said: "This project is a milestone achievement for us at Infinity Power, which reflects the partnership between Masdar and Infinity Power as a leading investment platform in renewable energy. It not only positions us as a leading provider of renewable energy but also strengthens the growing relationship between the Emirates and Egypt. Apart from being a key source of renewable energy, the farm will also create employment opportunities for local communities."

Amr Allam, CEO, Hassan Allam Holding said: “I am proud to witness the launch of the development of our planned 10 GW wind energy program, in partnership with Masdar, and Infinity Power. In addition to helping meet Egypt’s growing energy needs, the project aligns seamlessly with the nation’s sustainable development goals. We are confident that this collaboration will deliver on its targets, paving the way towards a more eco-friendly and prosperous future for Egypt.”

Egypt is the Middle East and North Africa’s most populous country and has an abundance of renewable energy sources, including wind and solar. Masdar has a large presence in Egypt with projects dating back to 2015, which represents a starting point to target the African continent through Infinity Power platform.

During COP27 last year, Masdar, Infinity Power and Hassan Allam Utilities also signed agreements with Egyptian state-backed organizations to develop green hydrogen and derivatives’ production facilities.  The consortium is targeting a capacity of 4 GW by 2030, and an output of up to 480,000 tonnes of green hydrogen per year.

Children can study with ease and residents can walk safely at night in rural Belize, thanks to renewable electricity generated by a UAE-funded Masdar project. 

Blackouts used to be common in three indigenous Mayan villages in the southern-most region of Belize, leaving families in darkness, children struggling to do their homework and households unable to refrigerate food. 

But all of that changed after Masdar installed a solar-powered mini-grid system in the villages of Indian Creek, Golden Stream and Medina Bank, in Belize, a Central American country on the Caribbean coast.  

“For us, life used to be very difficult. We could have blackouts…It was not easy,” said Indian Creek resident Vilma Rash. “Now we have electricity, we can do so many things. My children don’t have to do their homework in the dark anymore.”

With 400 kilowatts of solar panels and 600 kilowatt hours of battery storage, the system is mainly powered by solar energy, with a standby diesel generator to provide power during the wet season. The plant will save Belize almost 200,000 liters of diesel fuel and avoid around 500 tonnes of CO2 emissions yearly.

Electricity from the mini-grid is powering homes, schools, clinics, water pumping facilities and tourist operations.  Before it was installed residents had endured 30 years of intermittent or no electricity, said Community leader Finity Muschamp.

“Masdar has transformed our community in one of the most impressive manners that Indian Creek has ever seen,” he said.

That transformation has been achieved by providing the villages with access to clean, reliable electricity, thanks to the Belize Rural Electrification Project (BREP), delivered by Masdar through the UAE-Caribbean Renewable Energy Fund.

The US$50 million UAE-Caribbean Renewable Energy Fund (UAE-CREF) was launched at Abu Dhabi Sustainability Week 2017 as a partnership between the Ministry of Foreign Affairs and International Cooperation (MoFAIC), Masdar and ADFD, the UAE’s leading financial institutions spearheading national and global development projects. 

Michel Chebat, Minister of Public Utilities in Belize, said, “This is a very important project for us as a government. Masdar has been a critical partner in this project. It brings a vast experience in the field of renewable energy projects.”

Basel Dahleh, Principal, Masdar Americas, said, “Islands in general and the Caribbean Islands, in particular, are in the forefront of fighting climate change. It is important for Masdar to make an impact on those economies and to provide access to clean energy.”

Mr Dahleh added that providing investment in clean energy to the villages would result in a better life for most of the people living there. 

Vilma Rash, the Indian Creek resident, agreed: “Thanks to Masdar, our life has changed. They have come here to make our community better.” 

Copelouzos Group, through its subsidiary companies DAMCO ENERGY and ELICA MEDITERRANEAN INTERCONNECTION, and Infinity Power, a joint venture between Masdar (Abu Dhabi Future Energy Company) and Egypt’s Infinity, have signed a Memorandum of Understanding in order to access, on a non-exclusive basis, the possibility of jointly developing renewable energy projects that will provide GREGY electrical interconnection with a source of green energy. 

The GREGY – Green Energy Interconnector project involves the electrical interconnection of Egypt directly with mainland Greece through a submarine cable of 3,000 MW capacity and the possibility of bidirectional energy transmission. The GREGY project will carry 100% green energy from Egypt to Greece, and through Greece to Europe, thus making a decisive contribution in tackling climate change and the greenhouse effect by significantly reducing CO2 emissions. The necessary renewable energy projects with a capacity of around 9.5 GW shall be required to maximise the utilisation of GREGY. The project will provide alternative clean and renewable energy sources and routes for Europe, thereby reducing the continent’s dependency on energy produced from fossil fuels.

The MoU provides for the establishment of a Steering Committee, consisting of three members, to coordinate discussions, exchange information and conduct negotiations. Through their cooperation, the parties will seek to make use of their expertise, experience and technical, commercial and financial know-how, for the swift development, implementation and successful operation of the renewable energy projects. 

The MoU follows the agreement signed last year between the UAE and Greece, during His Excellency Kyriakos Mitsotakis, Prime Minister of Greece, visit to Abu Dhabi, to establish an investment framework worth 4 billion Euros, between ADQ and both of the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI).

Mohamed Ismail Mansour, Chairman - Infinity Power, said, “We are very excited to work together through this partnership, and anticipate strong potential for mutual benefit and cooperation through the joint development of renewable energy projects in Egypt and the transfer through the Egypt-Greece subsea transmission project (GREGY) of the produced green energy to Europe. This project is a remarkable opportunity for Egypt to benefit through economic development and revenue growth. The project will also enhance the country’s energy security and be a key venture in promoting international cooperation. By supplying renewable energy to Europe, we are not only bolstering our own economy but also positioning ourselves as a key player in the global energy market. This project aligns perfectly with our vision for a sustainable future for the world.”

Nayer Fouad, CEO of Infinity Power stated: “This partnership opens up greater avenues of aspirational goals and milestones for us. We are not only contributing towards the realization of COP27's aspirations, but we are also spearheading the movement towards COP28 by establishing ourselves as a significant green energy supplier, beyond Africa. The benefits of the Egypt-Greece subsea transmission project are far-reaching. Not only will the green energy produced by the jointly developed renewable project enhance Egypt's energy security and provide stable electricity supply, it will also generate jobs and significant revenue growth. Its transfer via GREGY to Greece and Europe will also support EU countries to achieve energy security and decarbonization. The projects will also promote the development of renewable energy in the country and support the transition towards a more sustainable energy system.”

Christos Copelouzos. Chairman and CEO of Copelouzos Group commented: “We are happy to enter into a Memorandum of Understanding with Infinity Power for assessing the opportunity of cooperation in developing one of the largest green energy projects in Eastern Mediterranean for producing green energy to be transferred via GREGY to Greece and through Greece to Europe.  In this way we can support Europe in its efforts towards achieving energy diversification and security and bringing earlier the attainment of Fit-55 and elimination of CO2 emissions targets.” 

About the Parties

Infinity Power is a joint venture between Egypt’s Infinity and Masdar (Abu Dhabi Future Energy Company) to target power generation projects through renewable energy sources, namely solar and wind technologies on the utility-scale, as well as commercial and industrial scale in Africa. Infinity Power brings together both companies’ strong track record of developing and operating renewable energy assets.

With current projects located in Egypt, South Africa and Senegal, Infinity Power aims to expand its operations in markets across all 54 African countries, providing electricity to all locations in Africa, which are in most need of power. 

Infinity Power’s total capacity of operational projects is 1.3 GW, which equates to a reduction of more than 3 million tons of CO2 emissions per year using conventional power generation. The company also has 13.8 GW of projects in the pipeline at different stages of development.

Copelouzos Group, is one of the largest investment groups in Greece having diverse activities, specializing in strategic sectors of the economy and industry as an infrastructure investor and a fully integrated business development organization specializing in strategic economic development sectors, where its expertise and knowledge enable it to play a key role in the conception, development, and implementation of large-scale and technically challenging, industrial, technological, and other infrastructure projects. The Group’s core business areas are Energy Projects, Power Plants, Natural Gas, Renewable Energy Sources, Airports Development & Management, Real Estate, Construction, Tourism, Exhibition & Congress Centres and Outdoor Advertising. Amongst others, the Group develops the GREGY -Green Energy Interconnection project

· MoU expected to generate knowledge that provides a global baseline for renewable energy
· Signed on the sidelines of the first-of-its-kind UAE Climate Tech Forum 
· Collaboration between IRENA and Masdar will highlight global renewable energy targets for 2030 and outline challenges and recommendations for action ahead of COP28

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a major international knowledge project setting out the means to triple global renewable energy capacity by 2030. 

During the UAE Climate Tech Forum in Abu Dhabi, Masdar and IRENA signed a Memorandum of Understanding (MoU) to collaborate on a project for COP28 that will outline global targets for renewable energy by 2030.

The MoU was signed in the presence of HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate, by Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, Deputy Director-General of IRENA.

The main objective of the project is to establish a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal, and other technologies including battery storage, complemented by region-specific data. 

HE Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040. In the 17 years since the UAE leadership established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under 2 cents and we need to harness this pioneering spirit of innovation now more than ever. Masdar has already committed to growing its total capacity five-fold to 100GW by the end of the decade and this joint research project with IRENA will emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28”.

Francesco La Camera, Director-General of IRENA added: “The transition to renewables provides a sustainable and affordable solution to many of the challenges we face today, and we have the technology to deploy at speed and scale. In 2022, a record 300 gigawatts (GW) of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track. IRENA's World Energy Transitions Outlook indicates that the deployment of renewables must reach 1000 GW annually to keep the 1.5°C target alive.”

The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions and provide recommendations for action, particularly in the context of COP28. The recent Petersberg Climate Dialogue in Berlin concluded with a clear consensus for cuts in global emissions and a global, binding target for the expansion of renewables. 

Established in 2006, Masdar is the UAE’s clean energy powerhouse, active in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW).