Abu Dhabi Future Energy Company, better known as Masdar, and French electricity giant EDF have signed an agreement to establish a 50:50 joint venture energy services company.
ESCO aims to allow the two companies to expand into non-utility scale renewables and energy-efficiency investments in the UAE, GCC region and other emerging countries, a statement said.
These would include building energy efficiency, solar technology below 50MW and industrial waste heat recovery, it added.
An agreement was signed on the sidelines of the World Energy Congress in Abu Dhabi by Mohamed Jameel Al Ramahi, CEO of Masdar, and Valerie Levkov, EDF senior vice-president, Africa, Middle East and the Mediterranean.
"Today’s signing is a reflection of Masdar’s global clean energy ambitions and further supports the UAE’s Energy Strategy 2050 objectives to increase renewable energy usage and energy efficiency across the UAE, the region and internationally," Al Ramahi said.
Marianne Laigneau, group senior executive vice president of EDF in charge of the international division, added: "Having accomplished several common successes in renewables, EDF and Masdar are now extending their cooperation to energy-efficiency services.
"Along with Masdar, our ambition is to develop innovative solutions to optimise energy consumption and reduce the carbon footprint of our customers in the Middle East and in other countries where both companies already cooperate."
Last month, the consortium of EDF Renewables and Masdar announced that it had reached a financial close on the 400MW Dumat Al Jandal wind project in Saudi Arabia, the country’s first utility-scale wind farm that will be the largest in the Middle East when completed.
Both companies are also partners in developing the third phase of the 800-megawatt Mohammed bin Rashid Al Maktoum Solar Park in Dubai.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.