Published on January 5th, 2016 | by Smiti Mittal0
Masdar Plans More Renewable Energy Projects In MENA Region
January 5th, 2016 by Smiti Mittal
Abu Dhabi-based Masdar Group is looking to expand its renewable energy footprint in the Middle East and North Africa region (MENA).
According to media reports, Masdar’s Chief Executive Officer, Dr. Ahmad Belhould, recently stated that Masdar Group is looking to invest aggressively in renewable energy projects in Egypt, Jordan, and Morocco.
The demand for energy in the MENA region is expected to double by 2030, which calls for the deployment of aggressive plans for the development of renewable energy in the region. Masdar group aims to double its current portfolio of renewable energy by focusing on solar and wind projects as part of its expansion plan.
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.
Masdar, which works with a range of innovative renewable energy companies and utilities, is continuously searching for investment opportunities. Last month, the company along with its promoters inaugurated a 117 MW Tafila wind farm in Jordan which is expected to meet 6.5% of Jordan’s 1,800 MW renewable energy target for 2020.
Additionally, Masdar is looking to invest in a solar project in Morocco that would generate enough electricity to meet the demand of 17,700 homes.
In November last year, Masdar, in partnership with Saudi Arabia’s ACWA Power, announced plans to set up 2 GW of renewable energy capacity in Egypt. This would include 1.5 GW of solar power and 500 MW of wind energy capacity.
Masdar Group has substantial experience in renewable energy investment in MENA region as well as in other countries. The group has committed to invest more than $1.7 billion in the renewable energy sector with an aim to deliver nearly 1 GW of clean energy in the United Arab Emirates and many other countries across the globe.
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