Masdar forms JVC with W Solar Investment for clean energy projects
JVC will focus initially on the development of pre-identified projects, primarily in Africa and in the Commonwealth of Independent States (CIS) region, in addition to other geographies
Masdar and W Solar Investment have formed a joint venture company (JVC) to develop clean energy projects in a range of geographies. The new company, MW Energy Limited, will act 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, said a statement. The shareholder agreement establishing the JVC was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Syed Basar Shueb, vice chairman of Alpha Dhabi Holding, at a ceremony held in Masdar City.
“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,” added Al Ramahi.
The statement said 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. The total capacity of these pre-identified projects is more than 8GW, and the JVC will also explore and develop other opportunities to meet shareholders’ clean energy objectives.
MW Energy will also support the Etihad 7 innovation programme – a UAE-led initiative to secure funding for renewable energy projects in Africa that aims to supply clean electricity to 100m people by 2035. The programme will raise funds from the public and private sectors for clean energy investment, with guidance and coordination from the Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Office of the Special Envoy for Climate Change, the statement concluded.
