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Q2 net profit fell by 18% to $637 million.

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Masdar, Cote d’lvoire to develop 70MW solar power plant

The agreement was signed under the UAE-led Etihad 7 initiative. (WAM)
  • The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led program that aims to build 20GW renewable energy in Africa.
  • The plant would support the Republic of Côte d'Ivoire’s goal of 42 percent of its energy mix coming from renewable sources by 2030.

Abu Dhabi, UAE — Masdar has signed an agreement with the Cote d’lvoire’s energy ministry to explore the development of a 70-megawatt solar power plant.

The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led program that aims to raise public- and private-sector funds to invest in the development of Africa’s renewable energy sector, building 20 gigawatts (GW) capacity to supply 100 million people across the continent with clean electricity by 2035, WAM reported.

As per the agreement, Masdar and the Ivorian Ministry of Mining, Petroleum and Energy will explore the joint development of solar photovoltaic plants in Côte d’Ivoire, starting with a first 50 to 70-megawatt (MW) plant. The plant would support the Republic of Côte d’Ivoire’s goal of 42 percent of its energy mix coming from renewable sources by 2030, the report said.

With the Côte d’Ivoire signing, five Etihad 7 projects are now under agreement, with three others signed at ADSW 2023. These include an agreement with Angola’s Ministry of Energy and Water for the development of renewable energy projects with a total capacity of 2GW; an agreement with Uganda’s Ministry of Energy and Mineral Development for the development of greenfield renewable projects with a total installed capacity of 1GW; 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 capacity of 2GW.

Mamadou Sangafowa Coulibaly, the Ivorian Minister of Mining, Petroleum and Energy, said, “Côte d’Ivoire has committed under climate change agreements to reduce its greenhouse gas emissions by 32 percent and to increase the share of renewable energies in its energy mix to 45 percent by 2030.”

Last August, Masdar also signed an agreement with TANESCO, the sole electricity provider in Tanzania, to develop renewable energy projects with a capacity of up to 2GW, under the umbrella of the Etihad 7 program, the report added.