Masdar, Abu Dhabi’s renewable energy company, and the International Finance Corporation (IFC), the private sector arm of the World Bank, have disclosed their intention to collaborate on the advancement of clean energy projects.
A memorandum of understanding (MoU), signed in Washington DC, paves the way for the two parties to explore possibilities for the development of large-scale projects including: carbon capture, use and storage; cleantech venture capital and private equity fund co-investment; solar desalination and utility-scale solar and wind power projects.
The newly-formed cooperative effort will investigate options for the IFC to finance up to $1.5billion using financial products tailored to projects that may be developed by Masdar.
Formed in 1956 under the World Bank umbrella, the IFC invests in for-profit commercial projects that reduce poverty and promote economic development.
Renewable energy remains the fastest growing sector in the energy industry. According to the most conservative estimates by Bloomberg New Energy Finance, renewables will account for 70% of the new power generation capacity added worldwide to 2030, when renewables-based systems will make up half of installed power generation capacity.
Recommended for you
