Dubai Investment Fund (DIF) is to finance five projects aimed to developing renewable energy sources in Australia and Europe.
Two of the start-ups are solar power plants for local communities of Australia, utilising the unique weather conditions of the region to improve the energy supply in the area.
The project will generate about 300MW of solar energy in its initial stage.
The European projects comprise a wind power project in Germany and a solar power plant in Spain, which are expected to exceed 125MW each.
The final investment is in an energy storage scheme with a capacity of 100MW, which will be used along with the wind and solar power plants mentioned above.
The technological and geographical variety of the projects ensures, that they will develop and grow independently, thus increasing the stability of the potential profits.
DIF head of global strategy and investment operations Ryan Smith said: “One of the core principles of DIF is investing into developing technologies, which will make people’s lives better in the future, and will create a possibility for a safer and sustainable environment.
“With that notion, the fund announced the investment into five projects, united by the common goal – creating renewable energy sources, which will improve the environmental conditions on a local level and solve the problem of energy shortages.
“The rising prices for fossil fuels is another reminder, of why it is important to support the research and implementation of alternative energy production methods.”