Abu Dhabi's Masdar and France's EDF launch 50:50 Esco
Newly formed energy services company to explore collaboration in non-utility scale renewable and energy-efficiency sectors
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 the Esco would focus on energy efficiency, solar technology, and industrial waste heat recovery in the UAE and the GCC region.
The agreement was signed by 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.
Commenting on the agreement, Al Ramahi said: “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.
“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.”