The company has been established to explore and collaborate on opportunities in solar power and energy-efficiency projects.
Masdar forms JV with EDF Group to establish energy services company. (Credit: Pixabay/skeeze)
UAE-based energy company Masdar and EDF Group have agreed to establish a joint venture (JV) company for energy efficiency and distributed solar power generation projects.
The two company have already developed a robust pipeline of opportunities, with the EDF pipeline supported by their subsidiaries namely Dalkia, EDF ENR, EDF Renewables and Citelum.
EDF said that some of the projects include a novel contracting solution, called as Energy Performance Contracts, under which the project is paid for over time through the savings secured from the energy efficiency improvements.
EDF-Middle East managing director and CEO Mohamed Jameel Al Ramahi said: “By leveraging our combined local and international experience, we aim to diversify our portfolio of renewable energy projects while tackling the significant challenge of reducing building- and industry-related carbon emissions.
“The new joint venture will also support Abu Dhabi in achieving its 2030 energy efficiency strategy, which aims to reduce overall electricity consumption by 22 per cent and water consumption by 32 per cent.”
Masdar and EDF are partners in developing MBR solar project in Dubai
Both the companies have partnered for the development of 800MW third phase of the Mohammed bin Rashid Al Maktoum (MBR) solar project in Dubai and 400MW Dumat Al Jandal project in Saudi Arabia.
The companies have also bid last year for the development of Noor Midelt Phase I hybrid solar power plant in Morocco.
EDF Africa, Middle East and Mediterranean senior vice-president Valerie Levkov said: “Our overarching objective is to promote a sustainable development model to fully address our clients’ increasing energy needs while making a positive contribution to the fight against global warming.
“The energy solutions Masdar and EDF will be providing are driven by a simple yet strong ambition: bring our business clients measureable benefits such as reductions in operational costs, increased asset value and comfort improvements for their facilities’ end-users.”
In November last year, Masdar acquired an undisclosed stake in Indian renewable power producer Hero Future Energies (HFE).