Abu Dhabi clean energy company Masdar has signed an agreement with Bapco Energies to explore the development and investment in wind projects in the kingdom with a capacity of up to 2 gigawatts.
The agreement, which includes near-shore and offshore wind farms, marks the company’s entry into Bahrain, Masdar said in a statement on Wednesday.
“Masdar will utilise its well-established expertise and track record in delivering wind energy projects globally, both onshore and offshore,” said Mohamed Al Ramahi, Masdar’s chief executive.
Bahrain, the GCC's smallest economy, aims to reduce emissions by 30 per cent by 2035 and achieve net-zero emissions by 2060, as outlined in its National Energy Strategy.
Last year, the country signed agreements to set up a solar park project with a capacity of 72 megawatts in its southern region of Sakhir.
“Our partnership with Masdar demonstrates our commitment towards diversifying the Kingdom of Bahrain’s energy mix to include cleaner energy sources, underscoring our role as leaders in renewable energy development,” said Mark Thomas, group chief executive of Bapco Energies.
GCC countries are seeking to boost renewable energy production to reduce emissions and achieve net-zero targets in the coming decades.
The UAE, the Arab world’s second-largest economy, is investing heavily in clean energy projects and has announced several initiatives as it seeks to reach net-zero emissions by 2050.
Masdar, jointly owned by the Abu Dhabi National Energy Company (Taqa), Adnoc and Mubadala, is active in 40 countries. It aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade from about 20 gigawatts currently.
In February, it completed the acquisition of a 49 per cent stake in the three-gigawatt Dogger Bank South (DBS) project, one of the world’s largest planned offshore wind farms, in the UK.
In March, Masdar agreed to acquire a 50 per cent stake in US renewable energy power producer Terra-Gen from New Jersey-based Energy Capital Partners. Terra-Gen is one of the largest independent renewable energy producers in the US.
Masdar is considering moving into China, the world’s largest renewable energy market, a senior executive told The National in an interview last month.
The company is evaluating the market and engaging with potential partners to determine the most suitable approach, said Abdulaziz Alobaidli, Masdar's chief operating officer.
Global renewable energy capacity in the power sector grew by 473 gigawatts from 2022 to reach 3,870 gigawatts last year, the International Renewable Energy Agency (Irena) said.
China, the world’s second-largest economy, was the main driver, with 298 gigawatts installed in 2023, the Irena report said.
Meanwhile, the Middle East recorded its highest renewable capacity expansion on record, up 16.6 per cent annually, with 5.1 gigawatts of new capacity commissioned last year.
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