Abu Dhabi Future Energy Company (Masdar) and France’s electric utlility company EDF have agreed to form a joint venture energy services company (ESCO).
The two entities signed an agreement at the 24th World Energy Congress held in Abu Dhabi, that will see each party owning half of the new venture that focuses on energy efficient investments and renewables.
The new ESCO aims to expand into non-utility scale renewables such as building energy efficiency, solar technology below 50 megawatts in the GCC and other emerging markets.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar noted at the briefing that the firm, which is a subsidiary of Mubadala Investment Company, now has global renewable energy portfolio in over 25 countries. He added that the agreement with EDF will boost its non-utility renewable energy expansion.
“Our ambition is to develop innovative solutions to optimise energy consumption and reduce the carbon footprint of our customers in the Middle East and in other countries,” Marianne Laigneau, Group Senior Executive Vice President of EDF.
In July this year, Masdar and EDF Renewables completed financing a utility-scale wind project in Saudi Arabia. Both companies are also partners in developing the third phase of Dubai’s Mohammed bin Rashid Al Maktoum Solar Park in Dubai.