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Masdar has signed an agreement with Tanzania Electric Supply Company Ltd. (TANESCO) to develop renewable energy projects in the East African nation.
The Memorandum of Understanding (MoU) was signed at an event in Dubai, witnessed by Her Excellency Samia Suluhu Hassan, President of the United Republic of Tanzania. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Maharage Chande, Managing Director of TANESCO, were the signatories.
TANESCO’s Chande said, “The signing of this MoU today is significant and a testimony of Tanzania’s commitment to clean energy, but most importantly after realization of projects in scope our generating capacity will grow significantly and stimulate growth of our economy and employment. I am pleased that Masdar have agreed to walk with us through this journey, with their experience and credibility I am confident that we will get to the destination.”
Masdar’s Al Ramahi said, “This collaboration between Masdar and TANESCO will enable Tanzania to make a significant step forward on its clean energy journey and meet its growing energy needs without producing harmful carbon emissions. Masdar has been a catalyst for renewable energy and sustainable development in some 40 countries around the world, and we look forward to working with TANESCO to leverage our mutual expertise to deliver clean energy for the people of Tanzania.”
TANESCO, the sole provider of electricity in Tanzania, is looking to add more renewable energy sources to the national grid to meet the country’s growing demand for power and increase energy access. The Tanzanian government is targeting an electrification rate for the entire country of 75 percent by 2035.
Masdar has more than doubled the capacity of its renewable energy portfolio within the last two years, today investing or committing to invest in projects with a combined value of more than US$20 billion. The capacity of projects in operation or under development is close to 14 GW and combined they would displace almost 19.5 million tonnes of CO2 per year.