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Masdar explores opportunities with Israel, China

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The new partnerships with Israel and China will help the UAE achieve its goal of becoming a world leader in solar energy

The new partnerships with Israel and China will help the UAE achieve its goal of becoming a world leader in solar energy

Masdar and EDF Renewables have announced that they have signed a strategic agreement to explore renewable energy opportunities in Israel and support the country’s clean-energy objectives.

Published: Thu 21 Jan 2021, 9:32 PM

Mohamed Jameel Al Ramahi, CEO of Masdar and Bruno Bensasson, CEO of EDF Renewables, signed a memorandum of understanding (MoU) at a virtual ceremony held on the side lines of Abu Dhabi Sustainability Week (ADSW) 2021.

Under the agreement, Masdar and EDF Renewables Israel, a wholly owned subsidiary established in 2010, will look to collaborate on existing renewable energy projects, and projects under development, while also exploring joint participation in new programs announced by the government of Israel. Israel is targeting 30 per cent of its energy coming from renewable sources by 2030, up from a previous target of 17 per cent, as it looks to phase out coal use. Achieving the new target will require an additional 15 gigawatts (GW) of solar capacity being developed over the period.

Speaking of the agreement, Dr Yuval Steinitz, Israel’s Minister of Energy, said: “We are seeing the first fruits of the Abraham Accords in the field of energy! We welcome all investment that brings us closer to achieving the targets that I set for solar energy in Israel. The new partnership between Masdar from the United Arab Emirates and EDF - an international company that invests in renewable energy around the world and operates in Israel for a decade - is an expression of confidence in Israel’s energy market and will help us achieve our goal of becoming a world leader in solar energy within six to seven years.”

“The UAE and Israel have embarked on a new era of co-operation on renewable energy and associated technologies, which will benefit both our nations and support our clean-energy objectives. Israel is known for its innovation ecosystem and we look forward to working in partnership with EDF Renewables Israel on developing solutions that will drive the energy transition,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “This also strengthens our already powerful partnership with EDF Renewables, with whom we are already working together on projects across the Middle East and North Africa, and in North America.”

In addition, Masdar also signed an MoU with China Gezhouba Group International Engineering Company (CGGC INTL), which will explore potential areas of collaboration on renewable energy projects worldwide.

“CGGC is one of the world’s leading international engineering companies, and is active in many sectors that Masdar is interested in, including renewable energy and urban communities – both of which are key to sustainable development,” said Al Ramahi.

He added: “Masdar today is active in more than 30 countries around the world, invested in projects totaling 10.7GW in capacity and $20 billion in value, and we are always interested in exploring potential opportunities with partners. We look forward to seeing if there are global potential areas of collaboration and concrete projects that could be mutually beneficial for our companies to engage in.”

“Masdar is a key partner for CGGC INTL,” said Lyu Zexiang, chairman of CGGC INTL. “We share the same green and sustainable development goals. As the world’s leading energy construction company, Energy China Gezhouba International Corporation looks forward to working with our partners to present more and more clean, sustainable landmark projects, contributing to global green development. “

ADSW, which has been reimagined as a virtual event for 2021, has featured a series of high-level virtual events, including the ADSW Summit, IRENA Assembly, Abu Dhabi Sustainable Finance Forum, Atlantic Council Global Energy Forum, Youth 4 Sustainability Virtual Forums and the World Future Energy Summit Webinars.

rohma@khaleejtimes.com



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