Masdar Signs JV to Develop 2GW of Renewable Energy Projects
Joint Development Agreement with TANESCO will initially target 600MW of solar PV and onshore wind projects
Masdar, the Abu Dhabi-based, global renewable energy company, has announced that it has signed an agreement with Tanzania Electric Supply Company (TANESCO) for the development of renewable energy projects with a total capacity of up to 2 gigawatts (GW).
Through the joint venture, the two companies will initially target the development of renewable energy projects with a capacity of approximately 600 megawatts (MW), starting with solar photovoltaic and onshore wind. The joint venture will also explore the development of projects with a total capacity of at least 2,000MW, a statement added.
As the sole provider of electricity in the East African country, TANESCO has said that it aims to add more renewable energy to the national grid so as to meet the nation’s growing demand for power and to increase energy access.
The Tanzanian government has stated that is targeting an electrification rate of 75% by 2035, for the whole country.
Maharage Chande, Executive Director of TANESCO, said: “The agreement we are signing today will bring about a big revolution in the development of renewable energy in the country. Through the first phase of the collaboration, we expect to generate approximately 600 megawatts, and we will continue with other projects until we reach 2,000 megawatts.”
The agreement was signed by Abdulla Zayed, Head of Business Development and Investment at Masdar and Chande, on the side-lines of the Tanzania Energy Congress. The Joint Development Agreement envisages the establishment of a co-owned joint venture company by the two organisations to progress the project development, the statement explained.
“Masdar and TANESCO are working together to support Tanzania’s sustainable development and to provide a secure, clean source of energy for the people of Tanzania,” said Zayed.
“The signing of this agreement demonstrates Masdar’s commitment to the Tanzanian market and to the nation’s energy transition, supporting the target to reach 5,000MW capacity by 2025. We look forward to working with TANESCO to develop this ambitious program and to provide a clean pathway for growth for Tanzania,” he concluded.
Source: Energy Digital