Energy Central
Summary
Abu Dhabi Future Energy Company (Masdar), a subsidiary of Mubadala Investment Company, and French low-carbon electricity leader, EDF, have signed an agreement to establish a 50:50 joint venture energy services company (Esco).
At a special ceremony at the World Energy Congress in Abu Dhabi, attended by Khaled Abdulla Al Qubaisi, chief executive officer, Aerospace, Renewables and ICT at Mubadala, and Marianne Laigneau, group senior executive vice president of EDF in charge of the International Division, the agreement was signed by Mohamed Jameel Al Ramahi, chief executive officer of Masdar, and Valerie Levkov, EDF senior vice-president, Africa, Middle East and Mediterranean.
The aim of the joint venture Esco is to expand into non-utility scale renewables and energy-efficiency investments, such as building energy efficiency, solar technology below 50 megawatts and industrial waste heat recovery, among others, in the UAE, GCC region and other emerging countries.
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