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Energy companies Masdar and EDF Group have signed an agreement to establish a joint venture company which will provide energy efficiency and distributed solar energy generation services.

The new energy services company will be supported by subsidiaries of Masdar and EDF including Dalkia, EDF ENR, EDF Renewables and Citelum to provide solutions such as Energy Performance Contracts.

Masdar and EDF have partnered to develop the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, Saudi Arabia’s largest wind farm and successfully bid last year to develop the Noor Midelt Phase I hybrid solar power plant in Morocco.

“Today’s announcement builds on our ongoing successful partnership with the EDF Group in among others the UAE and the Kingdom of Saudi Arabia,” said Chief Executive Officer of Masdar, Mohamed Jameel Al Ramahi.

“By leveraging our combined local and international experience, we aim to diversify our portfolio of renewable energy projects while tackling the significant challenge of reducing building- and industry-related carbon emissions. The new joint venture will also support Abu Dhabi in achieving its 2030 energy efficiency strategy, which aims to reduce overall electricity consumption by 22% and water consumption by 32%.”

 “Our overarching objective is to promote a sustainable development model to fully address our clients’ increasing energy needs while making a positive contribution to the fight against global warming,” adds Valerie Levkov, EDF Senior Vice-President, Africa, Middle East and Mediterranean.

“The energy solutions Masdar and EDF will be providing are driven by a simple yet strong ambition: bring our business clients measureable benefits such as reductions in operational costs, increased asset value and comfort improvements for their facilities’ end-users.”

Energy efficiency could reduce carbon emissions by 15% globally, according to the International Renewable Energy Agency.

The report recommends an increase in annual investments in energy efficiency by between 2% and 3.2% as well as in electrification solutions and decentralised power generation.