Abu Dhabi-based renewables company Masdar has set up a new joint venture (JV) that will focus on developing renewable energy projects across Eastern Europe, Central Asia and Africa.
Dubbed MW Energy, the JV has been set up alongside another Abu Dhabi-based clean energy developer and operator, W Solar Investment, and has an initial pipeline of renewables projects totalling more than 8GW.
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MW Energy will initially develop a portfolio of pre-identified projects, primarily in Africa and the Commonwealth of Independent States (CIS) region – Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Georgia – as well as unidentified “other geographies”.
Masdar already has a notable presence in Uzbekistan, where it completed the country’s first utility-scale solar project last year, while in November it secured a deal to develop and operate a 200MW PV plant in Armenia.
Mohamed Jameel Al Ramahi, CEO of Masdar, said the new JV will enable the developer to “respond faster to market opportunities, extend our footprint into new geographies and support more nations in their climate action”.
MW Energy will also support the Etihad 7 innovation programme, a newly launched initiative led by the United Arab Emirates that is dedicated to securing funding for renewable energy projects in Africa.
Elsewhere, Masdar announced last week it is part of a coalition that aims to build 1.2GW of solar PV plants in Indonesia that will export electricity to Singapore.