April 18, 2021

Masdar and EDF plans to explore Israel’s renewable energy opportunities

When it comes to the energy transition that the globe is working towards, some countries surpass others when it comes to renewables adoption. It is no surprise since various governments have different economic settings, priorities, political issues, and innovation. Masdar and EDF Renewables have started yet another joint venture in the renewable industry. Recent reports indicate that the new plans involve Israel, where the companies have signed a strategic agreement to venture into the country’s renewable energy opportunities. This agreement is the administration’s way of helping the country achieve clean energy objectives.

The companies have the Masdar and EDF Renewables Israel agreement, a subsidiary born in 2010. This joint venture aims to collaborate with the country’s existing renewables projects and those in the development phase. Besides, the two companies hope to join in the latest programs under the Government of Israel.

Recent records indicate that the country has set a new target to achieve 30% power generation from renewable sources in the next ten years. This goal is more ambitious than the previous set target of 17% as the country tries to move past coal as the primary source of power. Experts argue that for the target to be met, it requires 15GW solar capacity to rise in the years.

Masdar and EDF Renewables are the leading renewable firms globally. They are working on various projects in North Africa and the Middle East region, including the famous Al Dhafra Solar project. The solar project is set to grow to the planet’s largest single-area solar plant.

In an announcement from Dr. Yuval Steinitz, Israel minister of energy talked about welcoming investors set to help the country achieve its net-zero goal. Reliable sources claim that the joint venture in Israel is set to last for a decade, and this operation has raised confidence in the country that they will achieve the set goal. Other than decarbonizing the environment, the government is becoming a leading solar energy nation in seven years.

In 2020, Masdar and EDF Renewables entered a joint partnership agreeing on work on eight renewable energy projects in the States, including battery storage assets, solar, and wind. The set target runs up to 16GW. Israel has welcomed Masdar and EDF Renewables, hoping that they can assist the country on renewable energy opportunities exploration to create clean energy all over the country.

The EDF Renewables and Masdar deal has ventured into many renewable energy projects with high potential. Their contribution and ventures in Israel are uncertain, but time will tell where they will invest, work on, and the final result.