Abu Dhabi Future Energy Company, known as Masdar, on Saturday announced plans to develop a 150 megawatt (MW) solar PV project in Angola to deliver renewable energy to support of the African country's energy transition.   

On the sidelines of the UN’s climate change conference COP28 now underway in Dubai, the renewable energy company signed a concession agreement with Angola’s Ministry of Energy and Water to build and operate the ground-mounted solar power project in the Quipungo region, Hulia province, southern Angola.

The area enjoys strong solar irradiation levels but struggles with a lack of access to reliable electricity, the company said in a statement. It didn't indicate the financial cost of the project.

The project will supply energy to 90,000 homes while creating hundreds of jobs, spurring economic growth, and cutting carbon emissions, Masdar said.

Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: “Africa has what it takes to become the world’s renewable energy powerhouse. At COP28 and beyond, we will continue to work with Africa for Africa."

Masdar is an anchor partner of the UAE-led Africa Green Investment Initiative and has committed to mobilize $10 billion in clean energy finance, of which $2 billion will be generated from equity with an additional $8 billion from project finance.

(Writing by Brinda Darasha; editing by Seban Scaria)