Masdar to exit rooftop solar JV Emerge?

Masdar looks to divest stake in solar business Emerge: State-backed renewables giant Masdar is looking to sell its 50% stake in Abu Dhabi-based rooftop solar business Emerge Energy, which it owns alongside EDF, Bloomberg quotes CEO Mohamed Jameel Al Ramahi as saying in an interview. Masdar’s advisors are currently in talks with several potential suitors, Al Ramahi said, without disclosing any names or the amount it’s looking to fetch from the sale.

The move comes as Masdar looks to redirect its financial firepower towards larger-scale renewable projects and away from waste-to-energy plants, Al Ramahi added. The firm is already halfway to its 2030 target of reaching 100 GW of renewables capacity, with its capacity rising 62% to 51 GW, and 32.6 GW already in operation or under construction.

About Emerge: The UAE-headquartered firm was set up in 2021 as a JV between Masdar and multinational utility Electricite de France (EDF), which is owned by the French government. It develops solar, storage, and hybrid energy projects for commercial and industrial clients in the Middle East, with more than 250 MWp in operation and delivery, according to its website.