Masdar and EDF to establish joint venture energy services company
Post date: 12/09/2019 - 15:17
UAE’s Abu Dhabi Future Energy Company (Masdar), a subsidiary of Mubadala Investment Company, and French utility EDF have signed an agreement to establish a 50:50 joint venture energy services company called ESCO. The company’s target is to expand into non-utility scale renewables and energy-efficiency investments, such as building energy efficiency, solar technology below 50 MW and industrial waste heat recovery, among others, in the UAE, GCC region and other emerging countries.
As reported, in May the Moroccan Agency for Solar Energy (MASEN) announced that the consortium of EDF (through its subsidiary EDF Renewables), Masdar, and Green of Africa, Moroccan Independent Power Producer, was the successful bidder for the design, construction, operation and maintenance of the »Noor Midelt I« multi-technologies solar power plant. With a capacity of 800 MW, this innovative solar project is based on two technologies – concentrated solar power (CSP) and photovoltaic (PV) – the hybridization of which is a world first.
Both companies are also partners in developing the third phase of the 800 MW »Mohammed bin Rashid Al Maktoum Solar Park« in Dubai, 200 MW of which was commissioned in 2018 and 300 MW is expected to enter into service in 2019. Phase 3 is part of what will be the largest single-site solar park in the world with a planned capacity of 5,000 MW by 2030.