Masdar to invest $10bn in renewable energies in Africa by 2030

Masdar, a global leader in renewable energy, has unveiled an ambitious plan to invest $10 billion in sub-Saharan African countries by 2030. This commitment underscores Masdar's dedication to bolstering Africa's electrification efforts and transitioning towards cleaner energy sources. Countries like Angola, Uganda, the Republic of Congo, Kenya, Mozambique, and Zambia have already embarked on this transformative partnership with Masdar. Abdulaziz Alobaidli, the Chief Operating Officer at Masdar, highlighted the company's mission to upscale its renewable energy portfolio to 100 gigawatts and emerge as a premier producer of green hydrogen by 2030. Alobaidli emphasized Masdar's strategic focus on sustainable, long-term investments, bolstered by internal expertise in engineering, supply chain management, and project development. These capabilities enable Masdar to navigate risks and ensure the successful execution of clean energy projects. Alobaidli also emphasized Masdar's collaborative approach with partner nations and host countries to expedite the transition towards cleaner energy sources, aligning with the global renewable capacity goals set at COP28. He articulated Masdar's commitment to fostering an equitable energy landscape that leaves no community behind, providing access to affordable and reliable energy while promoting local economic growth and job creation. Masdar's footprint in Africa has significantly expanded, with approximately two gigawatts of utility-scale projects currently operational in emerging markets across the continent. The acquisition of Lekela Power by Masdar's joint venture, Infinity Power, solidified its position as the largest renewable energy operator in Africa. With an additional 2.4 gigawatts of projects secured in countries like South Africa, Cote d'Ivoire, and Egypt, Masdar aims to triple its renewable energy capacity in Africa. This growth trajectory underscores Masdar's commitment to supporting host governments in enhancing their renewable energy capabilities. During the recent Abu Dhabi Sustainability Week, Masdar unveiled groundbreaking technological advancements, including a massive solar plus energy storage facility designed to generate reliable, uninterrupted clean energy. This development signals a paradigm shift in energy supply dynamics, positioning renewable energy as a competitive base load supplier. By leveraging its expertise in battery storage solutions, Masdar is pioneering sustainable energy solutions that meet evolving energy demands while driving cost competitiveness. One of the key challenges hindering the widespread adoption of renewable energy projects in emerging markets, particularly in Africa, is financing. Masdar has implemented various initiatives to address this financing gap, including the issuance of green bonds totaling $3 billion. These green bonds have been instrumental in fast-tracking the deployment of solar, wind, and battery storage projects in emerging markets. By channeling capital towards green field projects in developing regions, Masdar is spearheading efforts to bridge the global climate finance disparity between the global south and north. Masdar's transparent approach to green financing, coupled with its commitment to environmental, social, and governance considerations, underscores its role as a responsible investor driving sustainable development in Africa and beyond. The company's annual reports and environmental impact assessments further underscore its dedication to creating a greener, more inclusive energy landscape for future generations.