Masdar and EDF to establish joint venture energy services company

Masdar and EDF to establish joint venture energy services company
Published: 12 September 2019 - 4 a.m.

For the latest MEP news from the UAE, Gulf, and around the world, follow us on Twitter and LinkedIn.

Abu Dhabi Future Energy Company (Masdar), a subsidiary of Mubadala Investment Company, and French low-carbon electricity leader EDF have signed an agreement to establish a 50:50 joint venture energy services company (ESCO).

At a ceremony held during the World Energy Congress in Abu Dhabi the agreement was signed by Masdar CEO Mohamed Jameel Al Ramahi, and EDF’s senior VP for Africa, Middle East and Mediterranean, Valerie Levkov.

“Today’s signing is a reflection of Masdar’s global clean energy ambitions and further supports the UAE’s Energy Strategy 2050 objectives to increase renewable energy usage and energy efficiency across the UAE, the region and internationally,” said Al Ramahi.

“It also serves to reinforce our already strong relationship with EDF that leverages our local and international experience and world-leading expertise to expand into the non-utility solar and energy-efficiency sector, marking another step forward for Masdar as we continue to expand our global renewable energy portfolio, which now encompasses more than 25 countries.”

The two parties say the primary objective of the joint venture ESCO is to expand into non-utility scale renewables and energy-efficiency investments, such as building energy efficiency, solar technology below 50MW, and industrial waste heat recovery across the UAE, GCC and other emerging countries.

READ: DEWA highlights experience in renewable and clean energy at World Energy Congress

Laigneau said: “Having accomplished several common successes in renewables, EDF and Masdar are now extending their cooperation to energy-efficiency services.

“Along with Masdar, our ambition is to develop innovative solutions to optimise energy consumption and reduce the carbon footprint of our customers in the Middle East and in other countries where both companies already co-operate.

“With this agreement, EDF is taking another step towards achieving one of its CAP 2030 goals: to triple its international business by 2030 compared to 2015.”

Last month the consortium of EDF Renewables and Masdar announced it had reached financial close on the 400MW Dumat Al Jandal wind project in Saudi Arabia, the country’s first utility-scale wind farm that will be the largest in the Middle East when completed.

In May, the Moroccan Agency for Solar Energy (MASEN) announced that the consortium of EDF (through its subsidiary EDF Renewables), Masdar, and Green of Africa, Moroccan Independent Power Producer, was the successful bidder for the design, construction, operation and maintenance of the Noor Midelt I multi-technologies solar power plant.

With a capacity of 800MW, the solar project is based on two technologies – concentrated solar power (CSP) and photovoltaic (PV) – the hybridisation of which is a world first.

Both companies are also partners in developing the third phase of the 800MW Mohammed bin Rashid Al Maktoum Solar Park, 200MW of which was commissioned in 2018 and 300MW is expected to enter into service in 2019.

Phase 3 is part of what will be the largest single-site solar park in the world with a planned capacity of 5,000MW by 2030.

Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha