Eager to capitalize on this potential, Mauritania’s President, H.E. Mohamed Ould Ghazouani, has prioritized bilateral partnerships, having recently met with Werner Hoyer, President of the European Investment Bank (EIB), to discuss strengthening cooperation with the aim of scaling up renewable energy investments including wind, solar and green hydrogen investment in the West African country. For Mauritania, institutions such as the EIB will be key for unlocking the true potential of the sector while for the EIB, strengthened cooperation provides an in-road to one of the world’s most lucrative green energy markets.
As the lending arm of the European Union, providing long-term project funding and support, the EIB has been and continues to be instrumental in Mauritania, with 54 years’ engagement in the country transforming into a strong partnership. Now, according to Jutta Urpilainen, European Commissioner for International Partnerships, “Mauritania and the European Union are strengthening their cooperation to accelerate clean energy investment, drive renewable hydrogen innovation and address global energy turmoil.”
Already, major developments are underway to maximize the country’s renewable energy potential. Projects such as the $53 million, 50 MW Toujounine Solar Plant; the 600,000m² Klima Solar Farm, which currently supplies 15% of the country’s total energy needs; and the 102.4 MW Boulenouar Wind Farm make clear the role renewables have in Mauritania’s energy mix. With cooperation being strengthened by one of the world’s top multilateral lenders, further growth across the market is expected.
What’s more, strengthened cooperation with the EIB extends into the green hydrogen sector, with the bank serving as an ideal knowledge partner for the country as it pursues large-scale green hydrogen developments. For its part, Mauritania continues to make significant progress in this sector, driving the region’s energy transition on the back of projects including CWP Global’s $40 billion, 30 GW AMAN green hydrogen development – set to unlock 18 GW of wind and 12 GW of solar – and Chariot’s $3.5 billion Project Nour, which targets 10 GW of renewables.
According to H.E. Ghazouani, “Closer cooperation with the EIB will allow Mauritania to benefit from the EIB’s unique technical experience and financial strength,” driving the success of this relatively new and lucrative industry.
Mauritania’s renewable outlook, therefore, is highly optimistic, driven by large-scale projects, strengthened cooperation with global institutions and clear renewable targets, and the same can be said for the entire region. While Mauritania targets 50% renewable penetration by 2030, its regional counterparts have set their own green energy objectives: Senegal itself promises universal access to electricity by 2030, with a target of 15% renewable energy in its energy mix by 2025; The Gambia targets 48% renewable share by 2030; while Guinea-Conakry targets 30% share by 2030.
As such, the upcoming MSGBC Oil, Gas & Power conference, which takes place from September 1-2, 2022, in Dakar, will serve as a launchpad for both Mauritania’s and the regional renewable sector. Uniting regional energy leaders with global players and financiers, the conference represents the official meeting place and investment platform for the MSGBC energy sector. For more information visit www.msgbcoilgaspower.com.