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SRF will invest up to $2.8 billion) in projects developed, invested in, or operated by Masdar
UAE-based clean energy firm Masdar and Chinas Silk Road Fund (SRF) have signed an agreement at COP29 in Baku to jointly invest up in renewable energy projects, focusing on Belt and Road Initiative (BRI) countries, particularly in the developing world and global south.
Under the agreement, SRF will invest up to 20 billion Chinese yuan (equivalent to $2.8 billion) in projects developed, invested in, or operated by Masdar, according to a press statement issued by the UAE company.
The partnership aims to capitalise on Masdar’s extensive renewable energy portfolio across the Middle East, Central Asia, Southeast Asia, and Africa, aligning with the UAE firms target of achieving 100GW renewable energy capacity by 2030.
SRF, with a renewable power portfolio exceeding 7GW in BRI regions, brings its financial expertise and commitment to sustainable development. This collaboration aligns with SRFs goal to provide investment and financing support for sustainable initiatives in BRI countries.
The UAE has been an active partner in the BRI since the initiative was launched and has already invested $10 billion in a joint China-UAE investment fund to support BRI projects in East Africa. |
