Israel, UAE sign renewable energy agreement

  • Date: 21-Jan-2021
  • Source: Arab Weekly
  • Sector:Oil & Gas
  • Country:UAE
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Israel, UAE sign renewable energy agreement

ABU DHABI – Israeli and Emirati companies have signed an inaugural agreement on renewable energy, officials said Wednesday, as Israel forges ahead with plans to become a global leader in the sector.

The deal is one of a raft of commercial ties to be formed between Israel and the United Arab Emirates since the two nations established ties in September, in a normalisation drive dubbed the Abraham Accords.

The principal corporate signatories of the energy agreement are Abu Dhabi-based Masdar and EDF Renewables Israel, a subsidiary of French utility giant EDF.

According to market estimates, the initial investment will be $100 million and this amount will likely grow over the years depending on the number of projects launched.

The strategic cooperation between EDF Renewables and Masdar will include the Abu Dhabi investment fund's entry into existing projects as well as future projects under tenders issued by Israel.

Muhammad Jamil al-Ramahi, head of Masdar, lauded a “new era of cooperation” in clean energy ventures between the two countries.

“These are the first fruits of the Abraham accords in the energy sector,” said Israeli Energy Minister Yuval Steinitz on Twitter, predicting the collaboration would allow his country to become a global leader in solar energy within six years.

EDF