Masdar signs a deal to develop renewable energy with TANESCO
Masdar announced an agreement with TANESCO to develop renewable energy projects with a total capacity of up to 2GW.
Abdulla Zayed, Head of Business Development and Investment at Masdar and Maharage Chande, Managing Director of TANESCO, signed the Joint Development Agreement (JDA) on the sidelines of the Tanzania Energy Congress in the presence of Hon. January Makamba, Minister for Energy for Tanzania. The JDA envisages the establishment of a co-owned joint venture (JV) company by the two organizations to progress the project development.
Maharage Chande, The 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.”
Abdulla Zayed, Head of Business Development & Investment at Masdar, said: “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. 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 5,000 MW 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.”
Through the JV, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600 megawatts (MW) starting with solar photovoltaic (PV) and onshore wind. The JV will further explore the development of projects with a total capacity of at least 2,000 megawatts.
TANESCO, the sole electricity provider in Tanzania, is looking to add more renewable energy sources to the national grid to meet the country’s growing demand for power and increase energy access. The Tanzanian government is targeting an electrification rate for the entire country of 75% by 2035.
This is another initiative by The UAE, which is diversifying their economy and seeking closer relations with several sub-Saharan African states.
Mediacy Mudekwa | https://www.esi-africa.com/