UAE clean energy developer Masdar and China’s Silk Road Fund (SRF) have signed a Memorandum of Understanding (MoU) to explore potential co-investment opportunities in renewables projects in Belt and Road Initiative (BRI) countries, primarily in the developing world and global south.
Under the deal, the pair will establish a strategic partnership to pursue co-investment opportunities in schemes developed, invested in or operated by Masdar.
Silk Road Fund plans to invest up to RMB20bn (equivalent to USD2.8bn) alongside the UAE outfit.
The MoU was signed at COP29 by Masdar chief executive Mohamed Jameel Al Ramahi (pictured) and the Silk Road Fund chairwoman Zhu Jun.
The UAE developer has significant investments in the Middle East, Central Asia, Southeast Asia and Africa, many of which are participants in the BRI.
The company will continue to invest in these regions as part of its strategy to reach 100GW renewable energy capacity by 2030.
SRF’s renewables portfolio totals more than 7GW in BRI regions, including the Middle East, Africa, Southeast Asia and Latin America.
SRF said it honours its sustainablility philosophy by working with top-notch strategic and financial partners to help realize the United Nation’s vision of sustainable development.
Mohamed Jameel Al Ramahi said: “This collaboration between two companies with significant investments in renewable energy projects in emerging markets and the global south will provide a major impetus to efforts to advance the energy transition.
“We look forward to a successful and rewarding partnership with Silk Road Fund.”
Zhu Jun added: “The UAE is a key Belt and Road Initiative participant and one of the most important investment and trading partners for China.
“The partnership between Silk Road Fund and Masdar is a strong testament to both parties’ commitment to the development of sustainable energy on a global scale, and will act as an enabler to help further strengthen investment collaboration between the two countries.
“We look forward to working with Masdar as well as other partners to jointly build ‘the Green Silk Road’ in the decades to come.”