Masdar has entered into an agreement with the Ministry of Mining, Petroleum and Energy of the Republic of Côte d’Ivoire to explore the development of a solar power plant with a capacity of up to 70 megawatts.
The agreement was signed in the presence of key dignitaries from both sides and falls under the Etihad 7 initiative, which is focused on investing in Africa’s renewable energy sector.
The Ivorian government has committed to reducing greenhouse gas emissions by 32% and increasing the share of renewable energies to 45% by 2030. Masdar’s new shareholding structure aims to deliver 100GW of clean energy worldwide by 2030, with a focus on Africa’s low current clean energy penetration levels and massive projected growth.
Under the agreement, Masdar and the Ivorian Ministry of Mining, Petroleum and Energy will jointly explore the development of solar photovoltaic plants in Côte d’Ivoire, starting with a 50-70MW plant that aligns with Côte d’Ivoire’s renewable energy target of 42% by 2030.
This agreement is the fifth under the UAE-led Etihad 7 initiative, aimed at investing in Africa’s renewable energy sector, according to WAM.
Masdar has already signed similar agreements with Angola, Uganda, Zambia, and Tanzania, as less than half of Sub-Saharan Africa’s population has access to electricity, and only 20% of electricity generated is from renewable sources. With Africa’s vast potential for solar and wind power, Masdar aims to deliver 100GW of clean energy worldwide by 2030.
