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• Masdar enters Bahrain market in strategic move with national energy leader, Bapco Energies

• Agreement will focus on exploring the joint development of near-shore and offshore wind projects

• Agreement supports the Kingdom of Bahrain’s National Energy Strategy target to cut emissions by 30 percent by 2035

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed an agreement with Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, to jointly explore the development and investment in wind projects in the Kingdom with a capacity of up to 2 gigawatts (GW).

Marking a strategic entry into the Bahrain market for the UAE’s clean energy champion, the agreement for near-shore and offshore wind farms is Masdar’s first in the Kingdom and will be the first project of its kind in the region and the Middle East. At up to 2GW, this clean energy collaboration will support the Kingdom of Bahrain to accelerate the decarbonization of critical industrial sectors and open avenues to develop new market sectors. The Kingdom of Bahrain aims to reduce emissions by 30 percent by 2035 and achieve net-zero emissions by 2060, as outlined in its National Energy Strategy.

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

Bapco Energies Group Chief Executive Officer, Mark Thomas said:

Masdar has developed a number of landmark wind projects across the world, including the 400MW Dumat Al Jandal wind farm, the largest in the Middle East and the first in Saudi Arabia, the 630MW London Array offshore wind project in the United Kingdom which powers half a million British homes and the 103.5MW UAE Wind Program, which utilizes innovative technology to capture low wind speeds at utility scale.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, as well as supporting the target set out in The UAE Consensus to triple global renewables capacity by the end of this decade, and aims to be a leading producer of green hydrogen by the same year.

• · Emerge, a joint venture between Masdar and EDF Group, will provide a full turnkey solution for 25 years

The UAE Ministry of Defence and Abu Dhabi Future Energy Company PJSC – Masdar, have signed a Partnership Agreement to develop multi-solar plants across Abu Dhabi.

Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, will provide a full turnkey solution for the projects, including finance, design, procurement, construction, operations, and maintenance for 25 years.

The signing ceremony was witnessed by Major General Sheikh Ahmad Bin Tahnoon Bin Mohammad Al Nahyan, Deputy Chief of Staff of the UAE Armed Forces, His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Masdar Chairman, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Luc Koechlin, CEO Middle East of EDF Group, and Michel Abi Saab, General Manager of Emerge.

The agreement was signed at Masdar City in Abu Dhabi by Brigadier General Saeed Al Ketbi, Commander of the Military Works Command from the UAE Ministry of Defence and Abdulaziz Alobaidli, Chief Operating Officer of Masdar and Chairman of Emerge.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, said: “At COP28 UAE, the world came together to agree the historic UAE Consensus and Action Agenda to deliver unprecedented climate action in this critical decade. The UAE will continue leading by example, and we are proud to be supporting the UAE Ministry of Defence in its Climate Change Strategy as the nation advances its Net Zero by 2050 strategic initiative.”

In December 2023, the Ministry of Defence launched the UAE Armed Forces' Climate Change Strategy on the sidelines of the COP28, the first of its kind in the region. It aims to strengthen the UAE Armed Forces' commitment to reduce carbon emissions and encourage active participation at all levels in the transition to sustainability.

Emerge, a joint venture between Masdar and EDF Group, was formed in 2021 to develop distributed solar, energy storage and hybrid solutions for commercial and industrial. As an energy services company, Emerge offers clients full turn-key solutions through solar power agreements and energy performance contracting at no up-front cost to the client.

DP World has signed a partnership agreement with Abu Dhabi Future Energy Company (Masdar), a global leader in clean energy, to explore and implement renewable energy systems across DP World's global port operations in the Middle East and Africa.

The agreement aims to facilitate the widespread adoption of renewable energy and battery energy storage systems (BESS) within DP World’s global supply chain. Over the course of the three-year partnership, DP World and Masdar will work together to identify optimal sites for the potential deployment of solar and energy storage systems, with an initial focus on Saudi Arabia, Senegal, and Egypt.

The partnership seeks to accelerate the deployment of renewable energy systems in DP World’s supply chain by sharing knowledge of the regulatory landscape and other challenges, particularly in emerging economies.

Sultan Ahmed bin Sulayem, DP World Chairman and CEO, said:

Mohamed Jameel Al Ramahi, Masdar Chief Executive Officer, added:

Masdar is the UAE’s clean energy champion and one of the world’s fastest growing renewable energy companies, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

As a leading end-to-end supply chain solutions provider, DP World will continue to work alongside the COP28 Presidency to advocate for more urgent climate action. This includes leveraging DP World’s scale and influence across the 75 countries it operates in worldwide to bring together the broader industry to develop impactful long-term solutions that support the global climate agenda.

DP World work with key stakeholders – from logistics companies, NGOs, governments and cargo owners -- to showcase new technologies and solutions, and exchange ideas to mitigate and build resilience against climate change, driving the energy transition and promoting environmental stewardship while ensuring continued trade flow worldwide.

Decarbonisation is a core focus for DP World, and the business has already committed to becoming carbon neutral by 2040 and net zero carbon by 2050, aligned to the UNFCCC’s Race to Zero and UAE’s 2050 net zero initiative.

Find out more about DP World’s decarbonisation strategy here.

Dubai Electricity and Water Authority (DEWA) and Abu Dhabi Future Energy Company (Masdar), announced the financial closing of the 1800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. The solar park’s capacity will exceed 5,000 megawatt by 2030, with investments totalling approximately AED 50 billion. This is a new milestone in promoting the use of clean and renewable energy in the UAE.

Abu Dhabi Future Energy Company (Masdar) was selected as the Preferred Bidder to build and operate the 1,800MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park using photovoltaic solar panels based on the Independent Power Producer (IPP) model, with costs up to AED 5.5 billion. This phase will provide clean energy for approximately 540,000 residences and will reduce around 2.36 million tonnes of carbon emissions annually. The project will cover an area of 20 square kilometres. In addition, the 6th phase has achieved the lowest Levelized Cost Of Energy (LCOE) of US$1.6215 cents per kilowatt hour (kWh) in the Solar Park.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, noted that this achievement is in line with the directives of the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. This project also supports the goals of the UAE's Year of Sustainability 2024 to protect and preserve the environment for the benefit of future generations. The Mohammed bin Rashid Al Maktoum Solar Park supports the UAE’s position as a leading global hub for clean energy. It is aligned with the UAE Net Zero by 2050 strategic initiative, the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050.

said Al Tayer

For the 6th phase of the Solar Park, DEWA established Shuaa Energy 4 in partnership with Masdar. DEWA owns 60% of the company, whereas Masdar owns the remaining 40%.

Mohamed Jameel Al-Ramahi, Masdar CEO, said:

The lending group to the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank , Abu Dhabi Islamic Bank and Warba Bank.

PARIS, 19th February 2024 (WAM) -- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Patrick Pouyanné, Chairman and CEO of TotalEnergies, co-chaired, on Monday in Paris, the second plenary meeting of the UAE-France High-Level Business Council, in the presence of Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

Dr. Sultan Al Jaber conveyed the greetings of the UAE leadership to the French side and affirmed the leaderships’ keenness to enhance further the longstanding and strategic bilateral relations between the two countries.

said Dr. Al Jaber

Bruno Le Maire stressed the importance of business dialogue between key French and UAE players.

said the Minister.

he added.

stated Patrick Pouyanné, Chairman and CEO of TotalEnergies.

The meeting witnessed the signing of the MoU to establish the "UAE-France Bilateral Climate Investment Platform”, a pragmatic investment framework that will enable French and Emirati investors to accelerate the deployment of joint projects and investments of mutual interest in the clean energies sectors, with a particular focus on advancing the decarbonisation of Hard-to-Abate (HTA) Industries. T

The Platform includes French and Emirati Anchor Partners, ADNOC and Masdar from the Emirati side; TotalEnergies, Bpifrance, and CMA-CGM from the French side. The Platform is aimed to attract additional investment partners over time. The MoU was signed by Dr. Sultan Ahmed Al Jaber and Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

In addition, TotalEnergies Renewables and Masdar signed an MoU for partnership in the development of Renewable Energy Projects in emerging markets. The MoU aims to explore potential collaborations and development of joint projects in the field of solar and wind energy in emerging markets of common interest in Central Asia and Africa, as part of the two countries’ efforts to develop joint projects and contribute to supporting global goals for reducing emissions and achieving climate neutrality and confirming their commitment to supporting efforts seeking to achieve a well-organised, responsible, fair, and realistic transition to a zero-carbon energy sector. The MoU was signed between Mohammed Jamil Al Ramahi, CEO of Masdar, and Patrick Pouyanné, CEO of TotalEnergies.

The Council reviewed the progress of the working groups during the past year and praised ongoing joint projects between Emirati and French companies in several strategic sectors, including energy and climate, transport and logistics, and financial investments.

The main partnerships highlighted during the meeting were:

1- The cooperation between TotalEnergies and Masdar to produce Sustainable Aviation Fuel (SAF) from methanol and the successful first demonstration flight on the sidelines of COP28 in the UAE.

2- The Airbus-Masdar wide-ranging collaboration to enable the development of the sustainable aviation fuel market.

3- The collaboration between ADNOC and Tabreed (Engie/ Mubadala JV) on delivering the first Geothermal Cooling Plant (G2COOL) project in the Gulf region, introducing geothermal energy into the UAE’s energy mix to decarbonise the cooling of buildings, covering 10 percent of Masdar City’s cooling needs.

4- The partnership between Masdar and CMA CGM on long-term supply of green alternative fuels linked to their shipping routes with a focus on e-Methanol, as well as Ammonia and Hydrogen.

5- Launch of the 'GO to UAE' initiative by Tawazun and Thales, with UAE Ministry of Industry and Advanced Technology support, to boost national Industrial capabilities.

6- The collaboration between Abu Dhabi Sustainable Water Solutions (SWS), SUEZ Group, and Marubeni focused on implementing key infrastructure projects worth $1.5 billion in the water supply and water treatment sector in Uzbekistan.

7- The CMA CGM and Abu Dhabi Ports on sustainable terminal operations focused on the operation of CMA Terminals Khalifa Port from 2025.

8- The partnership of Schneider Electric and e& enterprise to enhance operational efficiencies across Grid Network.

9- The strategic partnership between Masdar and Hy24 (Ardian JV) to co-invest and develop carbon-free hydrogen projects in various regions globally.

On COP28, Dr. Sultan Al Jaber praised France's efforts in advancing climate action and its support for COP28 and its endorsement of the COP28 Action Agenda initiatives. He commended France's pledge of €100 million to the “loss and damage” fund and €10 million to the “adaptation” fund. Dr. Al Jaber also commended France and French companies’ endorsement of the Global Decarbonisation Accelerator (GDA), which is designed to speed up the energy transition and drastically reduce global emissions, and its key pledges including the Global Renewables and Energy Efficiency Pledge to triple worldwide renewable energy capacity and double global energy by 2030, and the Global Cooling Pledge to reduce global cooling emissions by 2050.

Dr. Al Jaber also praised TotalEnergies’ climate action efforts and for being among the first to endorse the Oil and Gas Decarbonisation Charter (OGDC), where Oil and Gas companies worldwide agreed to aim for zero methane emissions, to end routine flaring by 2030, and to ambition net-zero operations by 2050.

In addition, Dr. Sultan praised their pledge to contribute $25 million to the Global Flaring and Methane Reduction (GFMR) trust fund, an initiative of the World Bank with COP28, as well as their partnerships with National Oil and Gas companies to detect and quantify methane emissions by making available their pioneering AUSEA technology.

Dr. Sultan affirmed the aspiration to continue cooperation to implement the “UAE Consensus” and deliver a new era of positive, tangible climate action.

The meeting concluded with the approval of the Council’s roadmap for 2024 and the Chairs’ call to the working groups to continue mobilising and accelerating new projects and initiatives that will support the delivery of the Council’s objectives.

Attending the meeting from the Emirati side were Omar Suwaina Al Suwaidi, Under-Secretary of MoIAT; Hend Al Otaiba, UAE Ambassador to the Republic of France; Majid Al Suwaidi, Director-General of COP28; Hana Al Rostamani, CEO of First Abu Dhabi Bank; Khaled Al Huraimel, Vice Chairman of the Board of Directors of Bee’ah; Mohamed Al Ramahi, CEO of Masdar; Shareef Al Hashmi, CEO of Operations at Tawazun Council; Meera Sultan Al Suwaidi, Head of Sovereign Partnerships of Mubadala; and Mohamed Kaissi, Executive Director of Strategic Projects at ADQ’s CEO and MD office.

The French side was represented by Frédéric SANCHEZ, President MEDEF International and Chairman of Fives Group; Guillaume FAURY, CEO of Airbus; Jean Lemierre, Chairman of BNP Baripas; Jean-Pierre Clamadieu, Chairman of Engie; Marie-Ange Debon, Chairwoman and CEO of Keolis; Slawomir Krupoa, CEO of Societe Generale; Geoffroy Bunetel, Chairman of CCI France-UAE2, and Nicolas Niemtchinow, French Ambassador to the UAE.

It is worth noting that the non-oil trade between the two countries increased by 12.5 percent during the first nine months of 2023 compared to the same period in 2022, reaching approximately AED 25.1 billion (€6.3 billion). In 2022, non-oil bilateral trade exceeded pre-pandemic levels, reaching about AED 30.4 billion, 20.5 percent higher than in 2021 and 53.4 percent over 2020.

Additionally, the UAE hosts the largest number of French companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. Conversely, the UAE is France's second-largest investor in the GCC.

Abu Dhabi Future Energy Company PJSC – Masdar (Masdar), INPEX CORPORATION (INPEX), Tokyo Gas Co., Ltd. (Tokyo Gas) and Osaka Gas Co., Ltd. (Osaka Gas) announced they have signed a collaboration agreement to conduct a joint feasibility study on e-methane¹ production in Abu Dhabi in the United Arab Emirates (UAE).

Masdar and INPEX have been conducting a joint study to produce e-methane utilizing low-cost renewable energy in Abu Dhabi based on an agreement signed on July 17, 2023.

Tokyo Gas and Osaka Gas have newly joined this initiative, and through it plan to off-take e-methane in volumes equivalent to 1% of each company’s annual city gas demand. Tokyo Gas and Osaka Gas are aiming to introduce e-methane to cover 1% of their respective annual city gas demand by 2030 and further increase the introduction volume from the total of their worldwide projects toward 2050.  

The four partners will evaluate the economics of producing and procuring feedstocks, such as green hydrogen and CO₂, as well as the production and transportation of e-methane. The overall reductions in CO2 emissions will also be evaluated.

“e-methane” is compatible with existing LNG infrastructure such as LNG tankers and terminals as well as city gas infrastructure including pipelines and consumer gas equipment, limiting social costs associated with its introduction. “e-methane” is therefore considered a pragmatic carbon-neutral or lower-carbon solution for thermal sectors where electrification is a challenge. Applications are also expected in the power generation and transportation sectors.

Masdar, INPEX, Tokyo Gas and Osaka Gas aim for the early establishment of an e-methane supply chain from the UAE to Japan to contribute to the UAE and Japanese governments’ shared goal of achieving carbon neutrality by 2050.

About Masdar

Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year. For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About INPEX

INPEX CORPORATION is Japan’s largest exploration and production (E&P) company and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. By thoroughly making its oil and gas business cleaner while expanding its 5 net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, and renewables as a pioneer in energy transformation. For more information, please visit: https://www.inpex.co.jp/english/index.html

About Tokyo Gas

Tokyo Gas Co., Ltd. is the largest city gas supplier in Japan and a Japanese integrated energy company with diverse businesses spanning electricity generation, energy retailing, engineering solutions, upstream LNG, and real estate development. As part of our group’s management vision “Compass 2030,” we have been taking action to realize a decarbonized society by tackling the challenge of achieving “Net-Zero CO2.” As an infrastructure provider for the Tokyo metropolitan area, we support our customers’ decarbonization efforts by promoting the sophisticated use of LNG. At the same time, we focus on renewable energy power plant development, CCUS utilization, hydrogen production technology development, and commercialization of e-methane and other hydrogen carriers. In order to establish supply chains for e-methane, we are currently carrying out feasibility studies in North America, Malaysia, Australia, and other regions with trading companies and global energy companies. Tokyo Gas will lead the transition to a decarbonized society by achieving both stable energy supply and decarbonization.

About Osaka Gas

Osaka Gas aims to achieve carbon neutrality across its corporate group (Daigas Group) by 2050 as a goal set in the Carbon Neutral Vision released in January 2021 and Energy Transition 2030 released in March 2023. To realize this ambition, the company pursues net zero solutions, including e-methane, synthetic methane suitable for seamless and low-cost transition due to its compatibility with the existing gas infrastructure and equipment. While proceeding with R&D on e-methane technologies, Osaka Gas drives several e-methane projects, conducting feasibility studies to produce e-methane in strategic locations, such as North America, South America, Australia, the Middle East, the Southeast Asia, and Japan.

• The consortium, Air-CRAFT, is supported by the UAE Ministry of Energy and Infrastructure and UAE General Civil Aviation Authority, and comprises eight founding entities: ADNOC, Boeing, Emirates, ENOC Group, Etihad, Honeywell, Khalifa University, Masdar

In the UAE Year of Sustainability, and at the 3^rd ICAO Conference on Aviation and Alternative Fuels (CAAF/3) was held in Dubai, eight founding entities announced the launch of the “Air-CRAFT” initiative - a UAE based research consortium focused on developing, producing, and scaling sustainable aviation fuel (SAF) technologies.

Air-CRAFT, or the UAE Centre for Renewable and Advanced Fuel Technologies for Aviation, is a first-of-its-kind initiative that will bring together entities across the value chain – industrial policy makers, aviation regulators, fuel producers, academia and researchers, aircraft and powerplant manufacturers, and airline operators. While based in the UAE, the consortium will also engage with, and welcome the participation of relevant international entities as it progresses. The new initiative was announced on the sidelines of CAAF/3 today and ahead of COP28.

Air-CRAFT is supported by the UAE Ministry of Energy and Infrastructure.

said His Excellency Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure.

His Excellency Abdulla bin Touq Al Marri, Minister of Economy of the UAE and Chairman of the GCAA said:

The collaboration is in support of the UAE’s National SAF Roadmap principles and the commercial aviation industry’s goal of net zero emissions by 2050. At CAAF/3 today, senior representatives from the eight consortium entities signed a strategic collaboration agreement to kickstart the Air-CRAFT initiative.

Potential research topics at Air-CRAFT include environmental impact assessments, feedstock and process optimization, and techno-economic assessments. Air-CRAFT will also establish relevant links with other academic and research institutions in the UAE and internationally.

The U.S. government supports Air-CRAFT being linked to the intergovernmental US-UAE ‘Partnership to Accelerate Transition to Clean Energy’ (PACE) agreement.

The consortium’s industrial and institutional partners will provide market demand, expertise, and technology to support research into the production of alternative fuels for the aviation sector, and extends an open invitation to UAE and international entities to join the consortium. Air-CRAFT is already in advanced discussions with key and strategic global players to be announced in due course.

Hanan Balalaa, Senior Vice President, New Energies, ADNOC, said:

Brian Moran, vice president, Global Sustainability Policy and Partnerships at Boeing, said:

Sheikh Majid Al Mualla, Divisional Senior VP for International Affairs, Emirates Airline, said:

His Excellency Saif Humaid Al Falasi, Group CEO at ENOC, said:

Mohammad Al Bulooki, Chief Operating Officer, Etihad Airways, said:

Mohammed Mohaisen, President and CEO Middle East and North Africa, Honeywell, said:

Dr. Steven Griffiths, Senior Vice-President, Research and Development, and Professor of Practice, Khalifa University, said:

Mohammad Abdelqader El Ramahi, Chief Green Hydrogen Officer for Masdar, said:

More about the UAE’s decarbonisation efforts

The UAE is a global energy leader actively pursuing the decarbonization of its economy. It was the first country in the Gulf region to sign the Paris Agreement and the first country in the Middle East and North Africa to commit to reaching net zero emissions by 2050. It is also the host of COP28, and has declared 2023 as the Year of Sustainability in the country.

The biggest decarbonization lever available to the aviation industry is the adoption of SAF. For long-haul commercial flights in particular, no other technology platform is expected to significantly contribute to carbon neutrality goals in the next three decades at least, due to cost, technical or regulatory barriers.

Despite its critical role in decarbonization pathways for the aviation sector, SAF is supply-constrained and needs to be scaled rapidly.

The UAE Ministry of Energy and Infrastructure has published the National SAF Roadmap which has five principles to guide the industry in accelerating the decarbonization of the sector and transform it into a regional hub for alternative aviation fuels. The five principles are:

1. Establishing the Ambition: 700 million liters of SAF by 2030

2. Accelerating SAF Technology Deployment and Innovation

3. Developing the National Regulatory Environment for SAF

4. Building Local Capacity to Boost In-Country Value

5. Leading International Collaboration

The Center for Renewable and Advanced Fuel Technologies for Aviation (Air-CRAFT) will pursue the industrialization of SAF production and create an ecosystem to address the five principles of the National SAF Roadmap.

• Agreement made on the sidelines of Africa Climate Summit
• UAE’s flagship renewable energy company to work with Africa50 to identify, fast-track and scale clean energy projects
• Ahead of COP28, Masdar commits to unlock 10 gigawatts (GW) of clean energy projects for millions of people across Africa by 2030 

Nairobi, Kenya – September 07, 2023: Abu Dhabi Future Energy Company PJSC – Masdar has announced a partnership with Africa50, the pan-African infrastructure investment platform to identify, fast-track and scale clean energy projects across the continent. The UAE’s clean energy champion has signed a memorandum of understanding (MoU) with Africa50 which will work to bridge the infrastructure funding gap and mobilize public and private finance. 

Masdar brings its technical expertise and extensive experience in emerging markets, while Africa50 brings its experience developing projects in Africa, which combined can help unlock Africa’s tremendous clean energy potential.  

Signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar and Alain Ebobissé, Chief Executive Officer of Africa50 on the sidelines of Africa Climate Summit, the first of four global climate summits ahead of COP28, the agreement will see both parties work collaboratively to catalyze sustainable development of the clean energy sector in Africa.

Masdar, one of the world’s largest clean energy companies and the largest in Africa, committed US$2 billion of equity as part of the UAE finance initiative, which was announced during Africa Climate Summit by HE Dr. Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate. The initiative brings together public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50 is expected to also join this initiative as a strategic partner.

HE Dr Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate, said:

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

Masdar has committed a total of US$10 billion in clean energy finance, of which US$2 billion will be generated from equity, with an additional US$8 billion mobilized from project finance. This landmark investment will target the delivery of 10GW of clean energy capacity in Africa by 2030.

Alain Ebobissé, Chief Executive Officer of Africa50, commented:

The UAE investment initiative sits under the umbrella of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022 and spear-headed by the Ministry of Foreign Affairs (MoFA). Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

Established in 2006, Masdar is the UAE’s clean energy powerhouse. It is active in over 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW). Masdar aims to grow this to at least 100 GW by 2030. The company is also targeting green hydrogen production of 1 million tonnes per annum by the same year. 

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; witnessed the signing of an agreement between the Dubai Electricity and Water Authority PJSC (DEWA) and Masdar, Abu Dhabi Future Energy Company PJSC, to build and operate the 1,800 megawatt (MW) sixth phase of the landmark Mohammed bin Rashid Al Maktoum Solar Park, costing up to AED5.51 billion.

The agreement was signed in the presence of H.H. Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs; and H.E. Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said:

H.H. Sheikh Mohammed bin Rashid Al Maktoum said:

H.E. Dr Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate, and H.E. Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA signed the agreement in Abu Dhabi.

The UAE's clean energy powerhouse was selected from a high caliber of 23 international bidders and offered a Levelized Cost Of Energy (LCOE) of USD1.6215 cents per kilowatt hour (kWh), the lowest of any of DEWA’s solar Independent Power Producer (IPP) model projects to date. The Current total production capacity of solar projects at the solar park is 2,427MW. DEWA is building another project with a total capacity of 433 MW. The 1,800MW 6th phase of the solar park will increase the total production capacity to 4,660MW.

H.E. Dr Sultan Al Jaber said:

H.E. Saeed Mohammed Al Tayer, MD & CEO of DEWA, said:

Al Tayer added:

When completed, this phase will provide clean energy to approximately 540,000 residences and will reduce 2.36 million tonnes of carbon emissions annually. DEWA has achieved, through phase VI, the lowest Levelised Cost Of Energy (LCOE) of USD 1.6215 cents per kilowatt hour (kWh). At DEWA, we have a proven track record of clean and renewable energy, emission reduction, and attracting competitive global prices for clean and renewable energy projects. We enhance sustainability in all our projects and initiatives to achieve the goals of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy to provide 100% of Dubai’s total power capacity from clean energy sources by 2050.” Masdar CEO, Mohammed Jameel Al Ramahi, said; "Following our successful delivery of phase three of the Mohammed bin Rashid Al Maktoum Solar Park as part of an international consortium, this latest award once again shows that Masdar is a global leader in clean energy as we move forwards from 20GW capacity today to reach 100GW of clean energy capacity by 2030 driving decarbonization at home and abroad." When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually. The 1,800MW sixth phase will become operational in stages starting from Q4 of 2024.

Masdar, the UAE’s clean energy powerhouse established in 2006, is committed to achieving at least 100 GW of total renewable energy capacity by 2030. It is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW.