Masdar Group Plans Renewable Energy Investment In MENA Region
Abu Dhabi-based Masdar Group is looking to expand its renewable energy footprint in the Middle East and North Africa region.
Masdar’s Chief Executive Ahmad Belhoul recently stated in a media interview that several countries in the Middle East and North Africa (MENA) region are looking to aggressively expand renewable energy infrastructure and have set up targets for the same.
Masdar is one of the pioneering institutions in the Middle East in the renewable energy sector. The Group’s sustainable city in Abu Dhabi – Masdar City – acquires power from one of the largest concentrated solar thermal power plants in Asia – Shams.
Recently, Masdar, in partnership with Saudi Arabia’s ACWA Power, announced plans to set up 2 GW renewable energy capacity in Egypt. This would include 1.5 GW of solar power and 500 MW of wind energy capacity.
Belhoul stated that Jordan and Morocco have also set up ambitious renewable energy targets likely hinting at the next investment destination for the Group.
Masdar Group has substantial experience in renewable energy investment outside the MENA region. It owns 20% stake in 600 MW London Array, the largest wind energy project in the world. It also has a 35% stake in planned Dudgeon offshore wind farm to be developed by Statoil and Statkraft. Additionally, it has a partnership with Spanish project developer Sener.
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