On Wednesday, Emirati and Israeli companies’ officials signed a renewable energy agreement, as Israel is looking forward to being the global leader in the energy industry. This is one of the reinforced commercial ties for the United Arab Emirates and Israel since the establishment of ties in September.
The energy agreement’s chief corporate signatories are EDF Renewables Israel, French utility giant EDF’s subsidiary, and Abu Dhabi-based Masdar. The initial investment capital will be $100 million, which is expected to grow yearly as the number of projects launched increases. The Masdar and EDF Renewables’ strategic cooperation consists of Abu Dhabi investment funds to gain entry to the existing projects and upcoming projects through tenders given by Israel.
Masdar head, Mohammed Jamil al-Ramahi, said that this marks a new era of coordination in green energy investment between the two nations. The Israeli Energy Minister, Yuval Steinitz, said that the agreement is Abraham accords’ fruits in the energy industry. He added that they hope that this cooperation would make Israel the solar energy’s global leader in the next six years. Bruno Bensasson, EDF Renewables Group Senior Executive President said that the agreement would bring a better collaboration between different EDF Group’s subsidiaries, which operates in both countries.
EDF and Masdar have similar projects in North Africa and the Middle East. One of these projects is in the UAE called the Al Dhafra Project, which will be the biggest solar energy facility in the world with a capacity of 2000MW. These two companies are also working together towards the construction of the Mohamed bin Rashid al Maktoum solar park in Dubai, with a capacity of 800MW. In Saudi Arabia, the companies also have another project known as the Dumat al Jandal wind farm, which is the biggest project in the Middle East with a capacity of 400MW.
EDF Renewables and Masdar collaborate in the installations of eight renewable energy projects in the US. All these projects would impact positively to the two countries’ economies as they expect an economic boom. The construction of these projects would also help create tens of thousands of jobs for the youths and professionals. The most significant thing is delivering clean, renewable energy to millions of homes. These projects will also play a vital role in the reduction of greenhouse gas emissions to enable the countries to reach carbon neutrality by 2050.