Masdar has signed a Memorandum of Understanding (MoU) with Africa50 to work collaboratively to catalyse sustainable development of the clean energy sector in Africa, pledging to unlock 10 GW of clean energy projects in Africa by 2030. The company has committed a total of US$10bn in clean energy finance, of which US$2bn will be generated from equity, with an additional US$8bn mobilized from project finance as part of the UAE finance initiative, which brings together public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50 is expected to also join this initiative as a strategic partner.
At the end of 2022, the African continent’s installed capacity reached 258 GW (+2% compared to 2020), with 116 GW of gas, 54 GW of coal, 37 GW of hydro, 28 GW of oil, 11 GW of solar and 7 GW of wind.