UAE – Mubasher: Masdar, a subsidiary of Mubadala Investment Company and one of the top renewable energy companies worldwide, has entered into an agreement with EDF Group, a global French low-carbon electricity leader, to set up a joint venture (JV) company specialised in energy efficiency and distributed solar power generation projects, Emirates News Agency (WAM) reported on Thursday.

The new firm will contribute to the achievement of Abu Dhabi’s 2030 energy efficiency strategy, which aims at reducing overall electricity and water conservation by 22% and 32%, respectively.

The CEO of Masdar, Mohamed Jameel Al Ramahi, and, EDF’s senior vice-president, Africa, Middle East, and Mediterranean, Valerie Levkov, signed the deal during the Abu Dhabi Sustainability Week (ADSW).

"By leveraging our combined local and international experience, we aim to diversify our portfolio of renewable energy projects while tackling the significant challenge of reducing building- and industry-related carbon emissions,” Al Ramahi explained.

In the meantime, Levkov concluded, "Our overarching objective is to promote a sustainable development model to fully address our clients’ increasing energy needs while making a positive contribution to the fight against global warming."

The energy solutions that will be provided by the two entities will offer their business clients tangible benefits, including lower operational costs, higher asset value as well as comfort improvements for their facilities’ end-users.