- Masdar and EDF sign landmark agreement with government of the Kyrgyz Republic to explore development of up to 3.6 gigawatts (GW) of hydro and renewable energy projects
- Deal represents Masdar's first entry into the hydropower space
- Agreement strengthens existing ties between UAE and the Kyrgyz Republic
DUBAI, United Arab Emirates, Dec. 3, 2023 /PRNewswire/ -- Abu Dhabi Future Energy Company PJSC - Masdar, the UAE's clean energy powerhouse, and EDF have signed an agreement with the Ministry of Energy of the Kyrgyz Republic to explore the development of hydropower and renewable projects with a combined capacity of up to 3.6 gigawatts (GW).
The agreement was signed during COP28 in Dubai by Kyrgyz Minister of Energy, H.E. Taalaibek Ibraev, Masdar Director, Development and Investment (EMEA), Ahmed Al Awadi and EDF Assets Development Director for Europe and Central Asia, Emmanuelle Chevennement. The signing ceremony was witnessed by the President of the Kyrgyz Republic, H.E. Sadyr Japarov, UAE Under-Secretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure, Sharif Al Olama, and EDF Chairman and Chief Executive Officer, Luc Remont.
Despite an extensive clean energy portfolio encompassing solar, floating solar, onshore wind, offshore wind, floating wind, geothermal, battery energy storage systems and green hydrogen, today's memorandum of understanding (MoU) represents Masdar's first entry into the hydropower space.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Masdar Chairman, said: "At COP28 it will be incumbent on the world to utilize all clean energy sources at its disposal to keep the ambition of limiting global temperature rises to 1.5C within reach. Hydropower is one of the oldest clean energy sources and has many positive attributes that can help a number of countries around the world achieve their climate goals and meet their net-zero targets."
H.E. Taalaibek Ibraev, Minister of Energy of the Kyrgyz Republic said: "This agreement serves to further strengthen the existing ties between the Kyrgyz Republic, the UAE and France. Hydropower is a very important energy source for the Kyrgyz Republic and this agreement will help our nation to strengthen its existing clean energy supply and to develop projects utilizing other renewable energy sources."
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said: "This agreement represents a new chapter for Masdar in our clean energy journey. With over 17 years of pioneering renewable energy technologies and successfully delivering utility-scale clean energy projects, we are glad to have the opportunity to bring the energy, passion and focus to hydropower that we have utilized for so many other renewable energy sources as we seek, in partnership with EDF, to build a successful collaboration with the Kyrgyz Republic, deepening the strong relationship between the UAE and the Kyrgyz Republic."
The Kyrgyz Republic has set a target of reducing greenhouse gas emissions by as much as 44 percent by 2030 and achieving carbon neutrality by 2050. The country already generates around 90 percent of its electricity from clean energy resources, almost exclusively from hydropower plants.
Central Asia is a significant emerging market for Masdar which has several agreements to develop solar and wind projects in the region. As the UAE's clean energy powerhouse and one of the world's fastest growing renewable companies, Masdar is at the vanguard of advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.
Established in 2006, Masdar is active in more than 40 countries and has more than 20GW of renewable energy capacity including operational, under construction or advanced development projects in its worldwide portfolio. Masdar has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW of renewable energy capacity and 1 million tonnes of annual green hydrogen production by 2030.
About Masdar
Abu Dhabi Future Energy Company (Masdar) is the UAE's clean energy champion and one of the fastest growing companies in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar has developed projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar
This material is distributed by Daniel J. Edelman, Inc. on behalf of Masdar. Additional information is available at the Department of Justice, Washington, DC.
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