Masdar and Silk Road Fund to co-invest $2.8bn in renewable energy projects
Author: PPD Team Date: 26/11/2024
Masdar, the Abu Dhabi Future Energy Company, and China’s Silk Road Fund have signed a memorandum of understanding (MoU) to co-invest up to 20 billion yuan ($2.8 billion) in renewable energy projects.
The agreement, signed at the COP29 climate conference in Baku, Azerbaijan, focuses on Belt and Road Initiative (BRI) countries and the global south.
The partnership aligns with Masdar’s ambition to achieve 100 GW of renewable energy capacity by 2030 and Silk Road Fund’s ongoing investments in BRI regions, where it already supports 7 GW of renewable projects. Target regions include the Middle East, Central Asia, Southeast Asia, and Africa.
Masdar CEO Mohamed Jameel Al Ramahi highlighted the potential of this collaboration to advance the energy transition, while Silk Road Fund Chairwoman Zhu Jun emphasized the UAE’s strategic role in the BRI and the partnership’s goal to develop sustainable energy globally.
The BRI, which connects Asia, Europe, Africa, and other regions, has seen significant UAE involvement, including a $10 billion joint China-UAE investment fund for BRI projects in East Africa.