Masdar to invest $290m worldwide
Green energy experts will invest in global clean tech projects by 2014
Abu Dhabi green energy firm Masdar expects to invest $290m in clean tech projects around the world by 2014, a senior company official has announced.
Masdar invested the first $60m of the DB Masdar Clean Tech Fund - set up with Deutsche Bank - in China and expects to pick its next projects in the next week.
"We are making a second investment this week. It could be between $15 to $40m," Alex O'Cinneide, general manager of Masdar Capital, told reporters.
"Four years from now, we could see the fund fully invested. The market is improving, we are seeing real interest with a lot of deals in the pipeline," he said.
He declined to give details of specific investments but said Masdar aimed to invest 30 percent in North America, 30 percent in Europe and the rest in Asia.
Masdar is the renewable energy initiative of Abu Dhabi, the world's third largest oil exporter with plans to make seven percent of its electricity from renewables by 2020.
Masdar's first $250m clean tech fund launched in 2006 in partnership with Credit Suisse.