• The cooperation will focus mainly on supporting the development of projects in developing countries and countries of the Global South.
• The agreement is in line with the Silk Road Fund’s goal of providing investment and financing support for the development of sustainable projects in Belt and Road Initiative countries.

BAKU, Azerbaijan: Abu Dhabi Future Energy Company (Masdar), the UAE’s leading global clean energy company, and China’s Silk Road Fund have announced the signing of a Memorandum of Understanding (MoU) to explore joint investment opportunities in renewable energy projects in countries along the Belt and Road Initiative, with a primary focus on developing countries and countries in the Global South.

The agreement was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Zhou Jun, Chairwoman of the Silk Road Fund, on the sidelines of COP29 in Baku.

Under the MoU, Masdar and the Silk Road Fund will establish a strategic partnership focused on exploring opportunities for co-investment in renewable energy projects in which Masdar is an investor or a developer and operator. The Silk Road Fund intends to invest up to RMB 20 billion (AED 10.28 billion / $2.8 billion) in joint projects with Masdar.

Masdar has significant investments in countries in the Middle East, Central Asia, Southeast Asia and Africa, many of which fall under the Belt and Road Initiative. The company will continue to invest in these regions as part of its strategy to increase the total generation capacity of its renewable energy portfolio to 100 gigawatts by 2030 .

While the Silk Road Fund has renewable energy projects with a total capacity of more than 7 GW in the Belt and Road Initiative regions, including the Middle East, Africa, Southeast Asia and Latin America. As part of its approach to sustainability, the Fund is committed to working with a select group of financial and strategic partners to contribute to supporting the realization of the United Nations vision for sustainable development .

On this occasion, Mohamed Jameel Al Ramahi said: “This cooperation between Masdar and the Silk Road Fund, which invest in many renewable energy projects in emerging markets and the Global South, represents an important step that will give a major boost to efforts aimed at achieving the energy transition. We look forward to a successful and fruitful partnership with the Silk Road Fund through which we achieve the common goals and ambitions of both parties.”

“The UAE is a major contributor to the Belt and Road Initiative and a key trade and investment partner for China,” said Zhou Jun. “The partnership between the Silk Road Fund and Masdar reflects both parties’ commitment to developing sustainable energy solutions globally and will contribute to enhancing cooperation and investment between the two countries. We look forward to working with Masdar and other partners to build a ‘Green Silk Road’ over the coming decades.”

The Belt and Road Initiative connects Asia, Europe, Africa and other regions around the world through a network of infrastructure projects and trade partnerships. The Belt and Road Initiative is a link to enhance economic, trade and investment relations among participating countries and regions.

The UAE has been an active partner since the launch of the Belt and Road Initiative, having pumped $10 billion into a joint investment fund between China and the UAE to support the initiative’s projects in East Africa.

Founded in 2006, Masdar is contributing to the UAE’s vision and its leading role in sustainability and climate action. The company has developed and invested in projects in more than 40 countries, and aims to increase the total production capacity of its project portfolio to 100 gigawatts by 2030, and to become a leading producer of green hydrogen by the same year.

About the source  

Masdar, Abu Dhabi Future Energy Company, is one of the world’s fastest-growing renewable energy companies and a global leader in clean energy. It develops and deploys solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and support global efforts to achieve climate neutrality goals. Founded in 2006, Masdar develops and invests in a wide range of projects in more than 40 countries around the world, with a total capacity of more than 31.5 gigawatts, providing clean and affordable energy to countries around the world, contributing to a more sustainable future.

Masdar is owned by Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala). Masdar aims to increase the total production capacity of its renewable energy portfolio to 100 gigawatts by 2030, and to become a leading producer of green hydrogen by the same year.

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