Masdar, W Solar Investment form joint venture for RE development
The JV will focus first on pre-identified projects in Africa and the Commonwealth of Independent States.
Masdar and investment firm W Solar Investment formed a joint venture company for the development of clean energy projects in various countries across Africa, Asia and Europe.
MW Energy Limited, the joint venture company (JVC), will serve as a development platform focusing initially on pre-identified pipeline projects and will then explore other opportunities guided by the parent firms.
The joint firm will focus first on the pre-identified projects with over 8 gigawatts (GW) capacity in Africa, in the Commonwealth of Independent States region which include Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, and Georgia, as well as other nations.
MW Energy will also support the Etihad 7 innovation program which aims to raise funds for renewable energy projects in Africa to supply clean energy to 100 million people by 2035.
“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,” Masdar CEO Mohamed Jameel Al Ramahi said.
“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,” he added.