Masdar, a leading renewable energy company, has signed an agreement with Tanzania Electric Supply Company Ltd. (TANESCO) for the development of renewable energy projects with a total capacity of up to 2GW
Abdulla Zayed, head of business development & investment at Masdar and Maharage Chande, managing director of TANESCO, signed the joint development agreement (JDA) on the sidelines of the Tanzania Energy Congress. The JDA envisages the establishment of a co-owned joint venture (JV) company by the two organisations to progress the project development.
Through the JV, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600MW starting with solar photovoltaic and onshore wind. The JV will eventually explore the development of projects with a total capacity of at least 2,000MW.
Chande commented, “The agreement will bring about a big revolution in the development of renewable energy in the country. Through the first phase of the collaboration, we expect to generate approximately 600MW, and we will continue with other projects until we reach 2,000MW.”
Zayed added, “Masdar and TANESCO are working together to support Tanzania’s sustainable development and to provide a secure, clean source of energy for the people of Tanzania. The signing of this agreement demonstrates Masdar’s commitment to the Tanzanian market and to the nation’s energy transition, supporting the target to reach 5,000MW capacity by 2025.”
