Masdar, Bapco Energies Ink Deal to Propel Wind Projects in Bahrain

Masdar, Bapco Energies Ink Deal to Propel Wind Projects in Bahrain

By Staff Writer, 01 May 2024

Masdar, a leading clean energy company based in the UAE, has sealed a significant agreement with Bapco Energies to delve into wind power projects in Bahrain.

Under this partnership, the two entities will jointly explore the development and investment in wind projects within the Kingdom, aiming for a remarkable capacity of up to 2 GW.

This agreement marks a strategic move for Masdar into the Bahraini market, representing its first venture in the Kingdom.

The focus will be on near-shore and offshore wind farms, making this initiative the pioneering project of its kind not only in Bahrain but also in the entire Middle East region.

With a capacity of up to 2 GW, this collaboration is poised to play a pivotal role in Bahrain's efforts to fast-track the decarbonization of crucial industrial sectors.

Moreover, it opens avenues for the development of new market sectors aligned with Bahrain's ambitious sustainability goals.

Bahrain has set ambitious targets for emissions reduction, aiming for a 30% decrease by 2035 and ultimately striving for net-zero emissions by 2060, as delineated in its National Energy Strategy.

Masdar's CEO, Mohamed Jameel Al Ramahi, expressed enthusiasm about leveraging the company's extensive expertise and successful track record in delivering wind energy projects worldwide to support Bahrain in achieving its net-zero ambitions and fostering a more sustainable future.

Similarly, Bapco Energies Group CEO, Mark Thomas, hailed the collaboration as a bold step towards realizing Bahrain's energy aspirations.

He emphasized the significance of collective efforts in advancing Bahrain's National Energy Strategy and paving the way for a sustainable and resilient future for future generations.

Source: Theodore Reed-Martin / Energy Global

Related Report

The Business of Impact Investing in 2023

Impact investing is a form of investing that believes that every dollar invested can make a difference, while producing a profit. Over the past 20 years, impact investing has undergone a remarkable evolution, driven by a confluence of societal, economic, and technological factors. These influences have propelled impact investing into a crucial mechanism for addressing societal needs, traditionally the domain of public funding. In 2022, the impact investing market sat at US$1,146 billion, growing at a healthy compounded annual growth rate (CAGR) of 29% over the last four years. This special report features interviews with thought leaders in the impact investing space, and offers an insightful perspective on the current and future state of impact investing, its challenges and opportunities, and highlights case studies of investors, social enterprises, and the impact they are having on the world.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems