UAE-based leading renewable energy firm, Masdar has signed an agreement with Tanzania Electric Supply Company (TANESCO) in order to develop renewable energy projects with a total capacity of up to 2 gigawatts (GW).
The company said in a statement that the Joint Development Agreement (JDA) envisages the establishment of a co-owned joint venture (JV) company by the two organizations to progress the project development.
Through the JV, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600 megawatts (MW) starting with solar photovoltaic (PV) and onshore wind.
Furthermore, the JV will explore the development of projects with a total capacity of at least 2,000 megawatts.
Abdulla Zayed Head – Development & Investment Masdar
“Masdar and TANESCO are working together to support Tanzania’s sustainable development and to provide a secure, clean source of energy for the people of Tanzania. The signing of this agreement demonstrates Masdar’s commitment to the Tanzanian market and to the nation’s energy transition, supporting the target to reach 5,000 MW capacity by 2025. We look forward to working with TANESCO to develop this ambitious program and to provide a clean pathway for growth for Tanzania.”
According to the statement, 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.
Mr. Maharage Chande, Managing Director of TANESCO said that, “The agreement we are signing today will bring about a big revolution in the development of renewable energy in the country.”
“Through the first phase of the collaboration, we expect to generate approximately 600 megawatts, and we will continue with other projects until we reach 2,000 megawatts,” Mr. Chande further added.
