Abu Dhabi clean energy company Masdar and W Solar, a subsidiary of Alpha Dhabi Holding, have formed a joint venture company to develop clean energy projects in various locations.
The new company, MW Energy Limited, will act as a development platform and will focus initially on an already identified pipeline of projects, Masdar said on Tuesday.
MW Energy will also explore new opportunities under the guidance of both owners.
"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," said Mohamed Al Ramahi, chief executive of Masdar.
"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.”
Masdar, which currently operates in more than 30 countries with a total investment of about $20 billion, has been harbouring ambitions to be a clean energy powerhouse after an agreement through which Abu Dhabi National Oil Company and Taqa would become its shareholders along with existing owner Mubadala Investment Company.
The deal will boost the clean energy company's renewable power capacity to more than 50 gigawatts by 2030 and allow it to create synergies and tap into a booming market for hydrogen, often considered a clean alternative to polluting fuels.
The new joint venture company will initially focus on identified projects, particularly in Africa and in the Commonwealth of Independent States region such as Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Georgia – as well as other geographies.
The total capacity of these identified projects is more than eight gigawatts. The company will also explore and develop other opportunities to meet the shareholders’ clean energy objectives.
MW Energy will also support Etihad 7, 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. The programme will mobilise funds from the public and private sectors to finance clean energy investment.
