The agreement includes plans to potentially collaborate on structuring for African renewable energy projects, as well as their financial viablity.
Makhtar Diop, managing director of IFC, said the partnership would leverage the company’s climate expertise across emerging markets to support Masdar in “achieving breakthroughs in sectors such as renewable energy, green hydrogen, and green finance”.
Global green hydrogen demand is expected to reach around 30Mt/y by 2030 and 610Mt/y by 2050 and Masdar is positioning itself to be a leader in the sector by developing and investing in strategic projects.
A recent McKinsey report said that Africa could capture 10% of the global green hydrogen market, thanks to a potential capacity of approximately 850TW of solar and wind.
Masdar has formed a joint venture with Egypt’s Infinity Power Holding to target opportunities on the continent. In November, the two companies joined Hassan Allam Utilities to cooperate on developing green hydrogen projects in Egypt. Their target is a combined electrolyser capacity of 4GW by 2030, and an output of up to 480,000t/y of green hydrogen.
Masdar announced deals earlier this year for projects with a combined generation capacity of 5GW across Angola (2GW), Uganda (1GW) and Zambia (2GW).
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