Masdar and W Solar to develop renewable energy projects

The UAE’s renewable energy leader Masdar and solar investment company W Solar Investment have formed a joint venture company (JVC) to develop clean energy projects primarily in Africa and the CIS region, the companies said in a statement on Wednesday.

The joint venture will be called MW Energy Limited and will act as a development platform, focusing on a pre-identified pipeline of projects totalling 8 GW, while also exploring new opportunities under the guidance of both owners.

“Masdar is committed to supporting the UAE's sustainable development and to maintaining the nation's leading role in the global energy transition,” Mohamed Jameel Al Ramahi, CEO of Masdar, said in a statement.

“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,” he added.

Al Ramahi signed the JVC shareholder agreement for Masdar, and Syed Basar Shueb, Vice Chairman of Alpha Dhabi Holding, for the latter company.

The scope of the projects will later be expanded to cover other territories and geographies as well, the companies said.

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.