Masdar, Africa50 align efforts to hasten clean energy transition across Africa

Image: Masdar

Abu Dhabi-based Masdar has announced a partnership with Africa50, the pan-African infrastructure investment platform.

The clean energy giant will identify, drive and scale clean energy projects across the continent.

The UAE’s clean energy leader and Africa50 have signed a memorandum of understanding (MoU), which will work to bridge the infrastructure funding gap and mobilise public and private finance.

The agreement will see both parties work collaboratively to catalyse sustainable development of the clean energy sector in Africa.

Masdar has committed $2bn of equity as part of the UAE finance initiative, which was announced during Africa Climate Summit by Dr Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate.

The Africa Climate Summit is the first of four global climate summits ahead of COP28,

Read: UAE announces $4.5bn initiative to support deployment of clean energy in Africa

The UAE finance initiative brings together public, private, and development capital from UAE institutions. The initiative sits under the umbrella of Etihad 7.

Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

Dr Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, chairman of Masdar and COP28 President-Designate, said: “We welcome this important partnership with Africa50 which brings a key stakeholder to the table for an inclusive, equitable and just energy transition. We look forward to working with Africa for Africa. The world must continue to close the gap on climate finance for clean energy investment in the global south which is disproportionately affected by climate change.

“We need the public and private sectors to work together to deliver clean energy access across Africa – a key mission and objective of Africa50. This can be accelerated in countries with robust regulatory frameworks, clear transition strategies and a real commitment to developing grid structure.”

Mohamed Jameel Al Ramahi, CEO of Masdar said: “As the largest renewable energy company in Africa, through our joint venture with Infinity Power, it is fitting that Masdar, with Africa50, should take this bold step forward which will unlock much needed climate finance for the energy transition. It is a key strategic market for Masdar and we are proud of our long-term partnerships and projects in Africa. Our portfolio today includes Senegal’s first utility-scale wind farm, under Masdar’s Infinity Power Holding platform (IPH), Mauritania’s first and largest solar photovoltaic project, and the development of Africa’s largest wind farm in Egypt with IPH and other partners. With Africa50, Masdar looks forward to unlocking the enormous clean energy potential across the continent.”

Africa50 to drive path to net zero

Alain Ebobissé, Chief Executive Officer of Africa50, commented: “Partnerships are key to our goal of scaling up and accelerating the delivery of bankable and sustainable infrastructure across Africa. We are pleased to join forces with Masdar through this signing. We believe that this step will become one of many, on a journey to drive transformative projects that support Africa’s path to net zero and help builder cleaner economies for future generations.”

Africa50 and Masdar will also explore opportunities to collaborate on the implementation of the Alliance for Green Infrastructure in Africa (AGIA) which was launched at COP27 by the African Union Commission, the African Development Bank and Africa50.”