Abu Dhabi’s Masdar and EDF team up to launch Esco
Esco will explore opportunities in non-utility scale renewables and energy-efficient investments across the UAE and GCC region
Abu Dhabi Future Energy Company (Masdar) – a subsidiary of Mubadala Investment Company – has joined French utilities company EDF to launch an energy services company (Esco) with 50:50 ownership to support the UAE’s Energy Strategy 2050 objectives by expanding into non-utility scale renewable and energy-efficient investment sectors, with the formation agreement signed at the 24th World Energy Congress in Abu Dhabi.
Masdar said Esco is designed to expand into non-utility scale renewables and energy-efficiency investments, such as building energy efficiency, solar technology and industrial waste heat recovery in the UAE and the GCC region.
The agreement was made during the World Energy Congress in Abu Dhabi where Masdar’s chief executive officer, Mohamed Jameel Al Ramahi, and EDF’s senior vice-president for Africa, the Middle East and the Mediterranean Valerie Levkov announced the collaboration.
“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,” said Al Ramahi.
“It also serves to reinforce our already strong relationship with EDF that leverages our local and international experience and world-leading expertise to expand into the non-utility solar and energy-efficiency sector.”