Abu Dhabi’s Masdar is reportedly preparing to divest its 50 percent stake in Emerge Energy, a rooftop solar joint venture, in an effort to free up capital for larger-scale renewable energy projects.
A number of firms are currently in discussions with Masdar’s advisers and transactions team, Chief Executive Officer Mohamed Jameel Al Ramahi told Bloomberg.
According to the report, France’s EDF retains the other 50 percent stake in Emerge.
The joint venture operates with a peak capacity of over 250 megawatts across the UAE and Saudi Arabia.
The prospective stake sale is expected to support Masdar in advancing towards its target of deploying 100 gigawatts of renewable energy capacity by 2030.
Al Ramahi noted that allocating capital to utility-scale renewable projects generates stronger returns compared with rooftop solar or waste-to-energy investments.
