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Masdar: a new joint venture will develop clean energy projects in the Caucasus

Renewable energy company Masdar and W Solar Investment, a subsidiary of Alpha Dhabi Holding formed a joint venture company (JVC), MW Energy Limited, to develop clean energy projects in different regions, including the Caucasus.

In addition to other geographies, the company will develop pre-identified projects and explore new opportunities in Azerbaijan, Armenia and Georgia.

According to the press statement of Masdar, the total capacity of pre-identified projects across all chosen locations is over 8 gigawatts (GW) but the joint venture will explore and develop other opportunities to meet the shareholders’ clean energy objectives. 

“Masdar is committed to supporting the UAE’s sustainable development and to maintaining the nation’s leading role in the global energy transition”, noted Mohamed Jameel Al Ramahi, CEO of Masdar.

“Having more than tripled the capacity of our renewable energy portfolio within three years, we are committed to extending our reach even further, by entering new markets and by partnering with other Abu Dhabi entities to become a global leader in clean energy. Through this JVC, we will be able to respond faster to market opportunities, extend our footprint into new geographies, and support more nations in their climate action”, he added.

Apart from focusing on the pre-identified projects, the newly established MW Energy Limited will act as a development platform and explore new opportunities under the guidance of both owners.

Photo: masdar.ae

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