Abu Dhabi Future Energy Company PJSC – Masdar has announced a partnership with Africa50, the pan-African infrastructure investment platform to identify, fast-track and scale clean energy projects across the continent. The UAE’s clean energy champion has signed a memorandum of understanding (MoU) with Africa50 which will work to bridge the infrastructure funding gap and mobilize public and private finance.
Masdar brings its technical expertise and extensive experience in emerging markets, while Africa50 brings its experience developing projects in Africa, which combined can help unlock Africa’s tremendous clean energy potential.
Signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar and Alain Ebobissé, Chief Executive Officer of Africa50 on the sidelines of Africa Climate Summit, the first of four global climate summits ahead of COP28, the agreement will see both parties work collaboratively to catalyze sustainable development of the clean energy sector in Africa.
Masdar, one of the world’s largest clean energy companies and the largest in Africa, committed US$2 billion of equity as part of the UAE finance initiative, which was announced during Africa Climate Summit by HE Dr. Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate. The initiative brings together public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50 is expected to also join this initiative as a strategic partner.
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