Masdar, an Abu Dhabi-based sustainable energy business, has collaborated with Africa50, an investment platform, to find and expand clean energy projects across Africa. Masdar has entered into an initial arrangement with Africa50 to "bridge" the infrastructure financing gap and mobilize both public and private capital.
“We welcome this important partnership with Africa50, which brings a key stakeholder to the table for an inclusive, equitable, and just energy transition,” said Dr. Sultan Al Jaber, Cop28 President-designate.
“We look forward to working with Africa for Africa. The world must continue to close the gap on climate finance for clean energy investment in the global south, which is disproportionately affected by climate change,” said Dr Al Jaber, who’s also the chairman of Masdar and Minister of Industry and Advanced Technology.
“We need the public and private sectors to work together to deliver clean energy access across Africa – a key mission and objective of Africa50.”
The UAE has committed $4.5 billion to accelerate the development of sustainable energy projects in Africa. The investment is part of the UAE's Etihad 7 program, which seeks to attract public and private sector funding to invest in Africa's renewable energy industry. It intends to reach 20 gigatonnes of capacity by 2035, supplying clean power to 100 million people throughout the continent.
Masdar has invested $2 billion in equity and will raise an additional $8 billion in project finance to bring ten gigatonnes of renewable energy capacity to the continent through its Infinity Power platform by 2030.