Abu Dhabi (Al-Ittihad) The Abu Dhabi Future Energy Company “Masdar” and “WPelo Solar Investment”, a subsidiary of Alpha Abu Dhabi Holding Group, announced the establishment of a joint company to develop clean energy projects in a number of different geographical areas.
The new company, called “MW Energy Limited”, will serve as a platform focused on developing pre-defined projects, as well as working on exploring new opportunities under the supervision of the two owners.
W Solar has entered into this partnership based on recommendations from Abu Dhabi-based Shmera Capital. The agreement to establish the company was signed by Mohamed Jamil Al Ramahi, CEO of Masdar, and Syed Basr Shuaib, Vice Chairman of the Board of Directors of Alpha Abu Dhabi Holding, during a recent ceremony in Masdar City.
Masdar intends to expand into Africa, Australia and the Americas
Mohamed Jamil Al Ramahi, CEO of Masdar, said: “Masdar is committed to supporting sustainable development in the UAE and contributing to its leadership role in the transformation process in the global energy sector. Masdar has succeeded in increasing the total production capacity of its renewable energy portfolio by three. fold over the past three years, and we look forward to expanding the scope of our activities and entering new markets in cooperation with other entities and companies in Abu Dhabi to enhance its leading position in the clean energy sector.” He added, “The new company will allow us to respond faster to market opportunities, and expand our scope of work.” To include new regions and contribute to supporting more countries to achieve their climate change goals.”
The joint venture will initially focus on developing pre-selected projects, primarily in Africa, the CIS region (Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Georgia), as well as other geographies. The total capacity of these pre-determined projects is more than 8 GW, and the company will also work to explore other opportunities and projects to achieve the partners’ clean energy goals.
BMW Energy will also support the Union 7 initiative, an innovative program led by the UAE, to secure financing for renewable energy projects in Africa, and the program aims to provide clean electricity to 100 million people by 2035. It will raise funds from the public and private sectors to invest in Clean energy is under the guidance and coordination of the Ministry of Foreign Affairs and International Cooperation and the Office of the Special Envoy for Climate Change.
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