Energy giant, Masdar, has revealed plans to invest in Nigeria as part of its Africa-wide penetration that seeks to increase renewable energy by 20, 000 MW in the next 12 years.
Masdar had signed 3 agreements under the umbrella of Etihad 7, a UAE-led initiative that aims to raise public- and private-sector funds to invest in the development of Africa’s renewable energy sector and power about 100 million people across the continent by 2035.
Executive Director, Clean Energy, Masdar, Fawaz Al Muharrami told The Guardian that Nigeria and other African countries are key to the company’s global expansion plan, adding that conversations are underway regarding investment in Nigeria.
Masdar and McKinsey & Company on the side-lines of COP27, had in a report titled “Africa’s Green Energy Revolution: Hydrogen’s role in unlocking Africa’s untapped renewables”, said Africa could capture as much as 10 % of the global green hydrogen market.
The report noted that renewable energy could help Africa to create up to 3.7 million jobs, adding as much as $120 billion to the continent’s gross domestic product (GDP).
The organisations further disclosed that Africa could be among the most competitive sources for green hydrogen in the world, with a cost of $1.8 to $2.6 per kilogram (kg) in 2030, further decreasing to about $1.2 to $1.6 per kg by 2050 as hydrogen production technology matures and renewable energy costs continue to decline. Proximity to demand centers in Europe and Asia also optimally positions the continent to build an export-oriented hydrogen sector, the report suggests.
Muharrami said Masdar had earlier this year, signed a deal with Angola’s Ministry of Energy and Water for the development of renewable energy projects with a total capacity of 2,000 megawatts, another 1,000MW with Uganda’s Ministry of Energy and Mineral Development for the development of greenfield renewable projects and an agreement with Zambia’s Ministry of Energy, and Zambian national utility ZESCO Limited for the joint development of solar, wind, and hydroelectricity projects with a total capacity of 2,000MW.
Muharrami said the company last year, signed an agreement with TANESCO, the sole provider of electricity in Tanzania, to develop renewable energy projects with a total capacity of up to 2,000MW.
According to him, Masdar has already established a considerable presence in Africa, with projects delivered in Egypt, Mauritania, Seychelles, and Morocco.
Muharrami said 4 solar PV plants were delivered in Egypt’s Red Sea Governorate with a total capacity of 14 MW — Marsa Alam (6MW), Shalateen (5MW), Abu Ramad (2MW), and Halayeb (1MW).
Muharrami said parts of Masdar’s Al Wadi Al Jadeed Solar initiative plants were delivered in Al Farafra, Abu Minqar, and Darb Al Arbaeen, with a total installed capacity of 6 MW.
