Masdar signs MoU with Japanese bank
Both parties to work together on renewable energy projects globally
Masdar has signed a Memorandum of Understanding (MoU) with the Japan Bank for International Cooperation (JBIC) that will see the two parties work together in identifying, financing and executing renewable energy projects around the world.
The agreement was signed by Dr. Sultan Al Jaber, Minister of State and CEO of Masdar, and JBIC Governor, CEO, Hiroshi Watanabe. The signing took place in the presence of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Japanese Prime Minister, Shinzo Abe.
The MoU will see the two parties explore the co-development of commercially viable renewable energy projects including; wind, solar power, water desalination, carbon capture, use and storage (CCUS) technology and sustainable city development.
"Japan and the UAE continue to strengthen a multilateral relationship that has been built on a foundation of common values and a shared vision in areas of energy, economics and politics," said Dr. Sultan Al Jaber, CEO of Masdar.
"We expect, through this MOU, to capitalise on the opportunities for economic growth and energy security through the deployment of renewable energy." The signing comes on the back of visit by Prime Minister Shinzo Abe to the UAE in May 2013, where together with Sheikh Mohamed, the UAE and Japan outlined a joint intention to extend the political and economic relationship, emphasising the importance of clean and renewable energy collaboration.
"Historically, the UAE has been a stable supplier of crude oil to Japan for over 30 years and executing the MoU today should contribute to the further strengthening of the relationship between our two countries. We look forward to leveraging Masdar?s expertise and experience across the clean tech sector to create mutually beneficial opportunities," said JBIC Governor, Hiroshi Watanabe.
"JBIC and Masdar share a long standing relationship and a commitment to energy diversification," he added.
Japan is committed to diversifying its energy sources with a particular focus on solar and wind energy. Today, Japan has 6GW of installed solar energy capacity after adding nearly 4GW in 2013. Japan will soon overtake both Germany and the US to become the world's second largest generator of solar energy in the world.