The Abu Dhabi Future Energy Company (Masdar) and France’s EDF have signed an agreement to set up a new joint venture Esco (energy services company) to expand into non-utility scale renewables and energy-efficiency investments in the UAE, GCC region and other emerging countries.
Jameel Al Ramahi, CEO of Masdar, signed the agreement with Valerie Levkov, EDF senior VP (Africa, Middle East and the Mediterranean) on the side-lines of the ongoing World Energy Congress in Abu Dhabi. Masdar added that the agreement will include building energy efficient, solar technology below 50 MW and industrial waste recovery, among others.
Commenting on the agreement, Marianne Laigneau, EDF group senior executive VP (International Division) said: Having accomplished several common successes in renewables, EDF and Masdar are now extending their co-operation to energy-efficiency services.”
“Along with Masdar, our ambition is to develop innovative solutions to optimise energy consumption and reduce the carbon footprint of our customers in the Middle East and in other countries where both companies already cooperate,” she stated.
EDF Renewables and Masdar, have previously announced that they have reached a financial close on the 400 MW Dumat Al Jandal wind project in Saudi Arabia, the country’s first utility-scale wind farm and the largest in ME, once completed.
Laigneau further stated that with this agreement EDF is taking another step towards achieving one of its CAP 2030 goals to triple its international business by 2030. Moreover, both companies have also partnered to develop the third phase of the 800 MW Mohammed bin Rashid Al Maktoum Solar Park in Dubai.