Masdar Secures Monumental Deals at COP28: Inking Pacts with Six African Nations to Propel 10 GW Renewable Energy Capacity by 2030
Abu Dhabi Future Energy Company (Masdar) is reaffirming its commitment to drive Africa’s electrification and energy transition, recently renewing its promise at COP28 in the United Arab Emirates (UAE). The ambitious plan involves developing 10 GW of installed capacity across six sub-Saharan African countries over the next seven years.
Masdar has inked a pivotal concession agreement with the Angolan government, initiating a 150 MW solar photovoltaic project in Quipungo as the first phase of a substantial 2 GW renewable energy collaboration. Additionally, the company is dedicated to generating 1 GW in Uganda, kickstarting with a 150 MW solar power plant. In Mozambique, strategic investments through the Masdar and Infinity Power joint venture are set to create a remarkable 1 GW capacity. This collaboration is poised to contribute energy to 400,000 homes and mitigate 3.8 million tonnes of carbon dioxide (CO2) emissions over a 20-year life cycle. Notably, Masdar and Infinity are exploring potential partnerships with Africa50 for floating solar photovoltaic (PV) projects in Mozambique.
The Emirati energy giant is diversifying its portfolio by planning a 500 MW capacity development in the Congo, with a focus on leveraging electricity for productive use, particularly in Zambia’s mining sector. Masdar is also venturing into geothermal energy, indicating indirect investments in Kenya through a partnership with the state-owned Geothermal Development Company (GDC) and Indonesian firm Pertamina Geothermal Energy (PGE), in which Masdar holds a stake.
To fuel these transformative initiatives, Masdar is poised to invest $2 billion in equity capital by 2030 as part of the “green investment financing initiative in Africa led by the Arab Emirates.” Sultan Al Jaber, Masdar’s Chairman at COP28, emphasized that this commitment aims to mobilize a substantial $10 billion investment in renewable energies across Africa.
While Masdar has been less active in sub-Saharan Africa in recent years, its joint venture with Infinity Energy, including the acquisition of Lekela Power and its assets such as the Taïba N’Diaye wind farm in Senegal, underscores its commitment to the region. Notably, Masdar remains prominently engaged in North Africa, particularly in Egypt, where the company is pioneering efforts to produce green hydrogen and its derivatives within the Suez Canal economic zone.