Tuesday, June 18, 2024

Masdar buys 50% stake in solar power project in California

Date:

Abu Dhabi Future Energy Company, Masdar, has announced the acquisition of a 50% stake in a solar power project with an energy storage battery system from EDF Renewables North America, thereby strengthening its presence in the renewable energy market in the United States.
Located in California, the Big Bow project includes a 128 MW photovoltaic solar power plant and a 40 MW/160 MW-hour battery system. The project is one of eight projects with a total generating capacity of 1.6 GW that Masdar has agreed to partner with EDF Renewables.

Quality partnerships
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, appointed as COP28 President and Chairman of Masdar’s Board of Directors, said, “This move is in line with the leadership’s vision of building quality partnerships. Promoting sustainable development, providing economic opportunities and disseminating renewable energy solutions and technologies, clean and contributing to mitigating the effects of climate change.
He added, “We believe that the Big Boo project and other projects operated by Masdar in partnership with EDF Renewables will play a vital and important role in supporting this goal and achieving progress on global climate action. These projects also reflect the friendship between the UAE and the UAE. , which includes the conclusion of a strategic partnership to invest in clean energy, which was recently announced.
Al-Jaber stressed the need to redouble efforts and strengthen cooperation on energy and climate action to achieve the goal of avoiding a global temperature increase exceeding 1.5 degrees Celsius, one of the main axes. The focus was on the COP28 conference hosted by the UAE.
He said, “In the coming period, we look forward to further quality partnerships that contribute to reducing emissions and promoting growth and economic progress.”

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Proven track record
For his part, Tristan Grimbert, president and CEO of EDF Renewables North America, said: “The partnership between (EDF Renewables) and (Masdar) has a proven track record of success, and today we are celebrating a new project that is growing. Portfolio of projects. There is no doubt that de-emissions in the energy sector will require concerted efforts by developers, consumers and investors to achieve the desired goals.
For his part, Mohammed Jamil Al-Ramahi, CEO of Masdar, said: “As part of our efforts to achieve the goal of expanding the company, we look forward to strengthening our presence in the United States as a developer and an independent energy producer worldwide and to increase the company’s total production capacity to at least 100 gigawatts. ” At the end of this agreement.

Clean energy
Notably, the United Arab Emirates and the United States announced last January that they would allocate $20 billion to build 15 gigawatts of clean energy projects in the United States, led by Masdar and a group of American investors from the private sector. Within the framework of the UAE-US Strategic Investment Partnership. on Clean Energy (PACE).
In 2020, Masdar signed a partnership agreement with EDF Renewables North America, according to which Masdar will acquire a 50% stake in a portfolio of investment projects in the clean energy sector with a total capacity of 1.6 GW, including three wind power plants. Service facilities in the states of “Nebraska” and “Texas”, totaling 815 MW, and five solar photovoltaic projects in the state of California, two of which are equipped with energy storage battery systems, with a total production capacity of 689 MW of solar energy and 75 MW of solar energy. Energy stored in a battery system.
All of these projects are operational and contribute to avoiding more than three million tonnes of carbon emissions annually.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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