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Abu Dhabi's clean energy company Masdar plans to develop a 150-megawatt solar power plant in Angola, which will help the southern African country to provide electricity to 90,000 homes and reduce emissions.
As part of the concession agreement signed with Angola’s Ministry of Energy and Water, Masdar will build and operate the ground-mounted solar power project in the country's Quipungo region.
Once completed, the solar unit will displace more than 224,000 tonnes of carbon emissions every year, the equivalent of removing 50,000 cars from the roads.
The solar plant will also boost the local economy by creating 600 jobs during the construction phase and support Angola's goal of increasing its national electrification rate to about 60 per cent by 2025, Masdar said on Sunday, on the sidelines of the Cop28 climate summit.
The total cost of the project was not disclosed.
“Africa has what it takes to become the world’s renewable energy powerhouse,” said Dr Sultan Al Jaber, Cop28 President.
“The UAE stands shoulder-to-shoulder with our friends in Africa as we strive to secure a just energy transition at this Cop of action and Cop for all,” said Dr Al Jaber, who is also the chairman of Masdar and UAE Minister of Industry and Advanced Technology.
Masdar is focusing to develop new renewable projects in Africa and boost energy security in the continent. It is the largest renewable energy company in Africa, through its Infinity Power platform, a joint venture with Egypt’s Infinity.
In September, it announced a partnership with Africa50, an investment platform, to identify and scale clean energy projects across the continent.
Masdar is also an anchor partner of the UAE-led Africa Green Investment Initiative and has committed to mobilise $10 billion in clean energy finance, of which $2 billion will be generated from equity with an additional $8 billion from project finance.
The new solar project forms part of a wider commitment made by Masdar in January, during Abu Dhabi Sustainability Week 2023, to develop 5 gigawatts of renewable energy projects across Angola, Uganda and Zambia.
“Developing renewable energy capacity is the key to unlocking Africa’s enormous economic potential, and Masdar is excited to be playing a major part in this effort,” Mohamed Al Ramahi, chief executive of Masdar, said.