At the UN Climate Change Conference 2023 (COP28) in Dubai, the Abu Dhabi Future Energy Company PJSC (Masdar) signed a concession agreement with Angola’s Ministry of Energy and Water for a major solar PV project in the country
Masdar will build and operate the 150MW ground-mounted solar project in the Quipungo region which is expected to deliver renewable energy to around 90,000 homes. In addition to addressing the lack of access to reliable electricity experienced in the region and country (Angola has set a goal of increasing its national electrification rate to around 60% by 2025), the project is also expected to create up to 600 jobs and spur economic growth.
The agreement was signed by Joao Baptista Borges, Angola’s Minister of Energy and Water, and Mohamed Jameel Al Ramahi, CEO of Masdar, and forms part of the latter’s wider commitment to develop 5GW of renewable energy projects across Angola, Uganda and Zambia.
Al Ramahi, said, “Developing renewable energy capacity is the key to unlocking Africa’s enormous economic potential, and Masdar is excited to be playing a major part in this effort. Masdar is the largest renewables energy company in Africa, through our platform Infinity Power. To accelerate a just energy transition, Masdar recently joined forces with Africa50, a pan-African infrastructure investment platform. Our mission is to fast-track and scale projects so we can deliver 10GW of clean energy in Africa by 2030. Masdar is an anchor partner of the UAE-led Africa Green Investment Initiative and has committed to mobilise US$10bn in clean energy finance, of which US$2bn will be generated from equity with an additional US$8bn from project finance. This transformative project in Angola is a proud milestone on that pivotal journey.”
Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and COP28 president, added, “Africa has what it takes to become the world’s renewable energy powerhouse. At COP28 and beyond, we will continue to work with Africa for Africa. The UAE stands shoulder-to-shoulder with our friends in Africa as we strive to secure a just energy transition at this COP of action and COP for all. We are delighted to be moving forward with plans to build this solar power plant in Angola that will bring vital clean energy and jobs to communities. We look forward to developing this strong partnership with Angola as we work together to maximise the country’s huge clean energy potential.”