Abu Dhabi’s Masdar Seeks Buyers for Stake in Rooftop Solar Firm
(Bloomberg) -- Abu Dhabi’s biggest renewables company is in talks to sell its 50% stake in rooftop solar firm Emerge Energy, as it looks to focus its resources on bigger projects.
Masdar is in the market to look for a potential buyer and several companies are engaged in talks with the firm’s advisers and deals team, Chief Executive Office Mohamed Jameel Al Ramahi said in an interview. He didn’t disclose a valuation for Emerge.
Electricite de France SA holds the other 50% stake in Emerge, which has more than 250 megawatts of solar panels installed or under construction at petrol stations, theme parks, factories and other sites in the United Arab Emirates and Saudi Arabia.
The planned divestment aligns with Masdar’s strategy to refocus its financial resources on large-capacity projects as it races to meet a target to have stakes in 100 gigawatts of renewable energy by 2030. Money spent on rooftop solar or waste-to-energy would be better deployed to install renewables at big projects, Al Ramahi said.
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