Masdar, an Abu Dhabi-based state-owned clean energy company, has announced ambitions to invest in Nigeria as part of its Africa-wide penetration which aims to increase renewable energy capacity by 20,000 MW over the next 12 years.
Masdar had signed three agreements under the umbrella of Etihad 7, a UAE-led initiative that aims to raise public- and private-sector funds to invest in the development of Africa’s renewable energy sector and power about 100 million people across the continent by 2035.
Masdar's Executive Director of Clean Energy, Fawaz Al Muharrami, told The Guardian that Nigeria and other African countries are critical to the company's global expansion strategy, adding that conversations are underway regarding investment in Nigeria.