UAE-based leading renewable energy firm Masdar has formed a joint venture company (JVC) with W Solar Investment, a subsidiary of Alpha Dhabi Holding, in order to develop clean energy projects in a range of geographies.
The new company, MW Energy Limited, would serve as a development platform, focusing initially on a pre-identified pipeline of projects, while also exploring new opportunities under the guidance of both owners. Abu Dhabi-based Chimera Capital advised W Solar on the JVC.
According to the statement, “The JVC will focus initially on the development of pre-identified projects, primarily in Africa and in the Commonwealth of Independent States (CIS) region – Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, and Georgia – as well as other geographies.”
“Masdar is committed to supporting the UAE’s sustainable development and to maintaining the nation’s leading role in the global energy transition. 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. 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.”
These pre-identified projects have a total capacity of more than 8 gigawatts (GW), and the JVC will also look into and create alternative options to achieve the shareholders’ clean energy goals, as per the statement.
MW Energy will also support the Etihad 7 innovation program, a UAE-led initiative to secure funding for renewable energy projects in Africa that aims to supply clean electricity to 100 million people by 2035.