Qatar Investment Authority, Doha, and Italian multinational power company Enel Green Power have formed a joint venture partnership to finance, build and operate renewable projects in sub-Saharan Africa.
The joint venture partnership was signed by a QIA subsidiary, according to a news release by the two entities. The news release did not state which one.
QIA and Enel also signed an agreement for the sovereign wealth fund to acquire 50% of Enel's stake in projects in operation and under construction in South Africa and Zambia.
QIA has about $230 billion in assets according to a 2019 estimate by Fitch Ratings.
"We are delighted to partner with Enel Green Power to invest in clean-energy generation in sub-Saharan Africa," said Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, in the release. "QIA is committed to supporting the transition to a low-carbon future, and we believe this investment can make a significant environmental and social impact. We share a mutual vision with Enel in supporting decarbonization efforts and believe this investment represents an excellent opportunity to develop and grow a leading renewable energy platform in the region."
QIA and Enel will form a new legal entity for future developments in sub-Saharan Africa. Enel will be responsible for developing each project.