Major solar development announced at COP28, ZDCC Forward Interest

William John, TipsNews Europe London

Freud Musanu, the President of the Zambia Diaspora of Commerce (ZDCC), eagerly anticipates collaborating on all resolutions at the UN Climate Change Conference 2023 (COP28). During this momentous event in Dubai, the Abu Dhabi Future Energy Company PJSC (Masdar) has made a significant stride by signing a concession agreement with Angola’s Ministry of Energy and Water for a substantial solar PV project in the country.

Masdar is set to construct and operate a 150MW ground-mounted solar project in the Quipungo region, aiming to provide renewable energy to approximately 90,000 homes. Beyond addressing the region’s and country’s challenges related to reliable electricity access (as Angola aims to increase its national electrification rate to around 60% by 2025), this initiative is poised to generate up to 600 jobs and stimulate economic growth.

The agreement was formalized through the signatures of Joao Baptista Borges, Angola’s Minister of Energy and Water, and Mohamed Jameel Al Ramahi, CEO of Masdar. This commitment is part of Masdar’s broader pledge to develop 5GW of renewable energy projects across Angola, Uganda, and Zambia.

Al Ramahi emphasized Masdar’s role as a major contributor to Africa’s economic potential through renewable energy development, particularly within the context of the Infinity Power platform. He highlighted Masdar’s collaboration with Africa50 and its mission to expedite a just energy transition, aiming to deliver 10GW of clean energy in Africa by 2030. As an anchor partner of the UAE-led Africa Green Investment Initiative, Masdar has committed to mobilizing US$10 billion in clean energy finance, with US$2 billion generated from equity and an additional US$8 billion from project finance.

Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President, expressed confidence in Africa’s potential to become a global renewable energy powerhouse. He affirmed the UAE’s commitment to working closely with Africa for a just energy transition, underscoring the importance of this transformative solar power project in Angola. The initiative aligns with the UAE’s dedication to supporting clean energy development and fostering strong partnerships to maximize Angola’s substantial clean energy potential.

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Source: Major solar development announced at COP28 (africanreview.com)