Masdar and Africa50 partners to Accelerate clean energy transition across Africa

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Nairobi, Kenya September 7... The UAE's clean energy champion has signed a memorandum of understanding (MOU) with Africa50 which work to bridge infrastructure funding gap and mobilize public and private finance 

Masdar one of the world's largest clean energy companies and the largest in Africa committed $2 billion of equity as part of the UAE finance initiative which was announced during the Africa Climate Summit (ACS) by HE Dr. Sultan Al Jaber chairman of Masdar and Cop28 president-designate 

In addition the initiative brings together public, private and development capital from UAE institutions notable from Abu Dhabi fund for development (ADFD) , Etihad credit insurance (ECI) , Masdar and AMEA power  Africa is expected to join the initiative as a strategic partner 

"We welcome this important partnership with Africa50 which brings a key stakeholder to the table for inclusive , equitable and energy transition we look forward to working with Africa for Africa" said HE Sultan Al Jaber , UAE minister of industry and advanced technology  serving also as Chairman Masdar and Cop28 president-designate 

Masdar has committed a total of $10 billion in clean energy finance of which $2 billion will be generated from equity with an additional $8 billion mobilized from project finance subsequently the landmark investment will target the delivery of 10GW of clean energy capacity in Africa by 2030 

"It is a Key strategic market for masdar and we are proud of long term patnerships and projects in Africa our portfolio today includes Senegal's first utility scale wind farm under Masdar infinity power holding platform (IPH)" reiterated Mohamed Jameel Al Ramahi, CEO of Masdar

Alain Ebobisse CEO Africa50 said that partnerships is key to the goal of scaling up and accelerating the delivery of bankable and sustainable infrastructure across Africa 

"We are pleased to join forces with Masdar through this signing are one of the many steps in support of Africa path to net-zero and help build cleaner economies for future generations " said Ebobisse

Masdar which was established in 2006 is UAE's clean energy powerhouse active over 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW) 

In addition it aims to grow to at least 100GW by 2030 as the company targets green hydrogen production of 1 million tonnes per annum by the same year 

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