Masdar set to collaborate with IFC
MoU signed to investigate potential of new venture capital projects
Abu Dhabi’s Masdar has announced that it has signed a Memorandum of Understanding (MoU) with the International Finance Corporation (IFC), the private sector arm of the World Bank. The deal will see the pair collaborate on the development of clean energy projects.
The agreement will see the parties cooperate on the development of large-scale projects in areas including carbon capture, cleantech venture capital, solar desalination and utility-scale solar and wind power projects. The effort will investigate options for the IFC to finance as much as US $1.5 billion using financial products tailored to projects that Masdar could develop.
“Over one billion people worldwide have no access to electricity and another billion have only intermittent access. Utility-scale clean energy projects like the ones this agreement is exploring can play a critical role in meeting this shortfall and advancing low-carbon power around the world,” said HE Dr Sultan Ahmed Al Jaber, CEO of Masdar.
“This MoU couples our utility-scale clean energy development expertise with our energy access work and, as such, fits perfectly with our strategic direction. We look forward to working with the International Finance Corporation to advance renewable energy and novel cleantech projects wherever they have the greatest social, environmental and economic impact,” he added.