| ABU DHABI
ABU DHABI Jan 16 Abu Dhabi
government-owned green energy firm Masdar plans to invest
jointly with Development Bank of Japan in solar and wind
projects in OECD countries as part of a strategy to diversify
the energy mix through renewables.
The initiative will be through a renewable energy project
platform, Masdar said on Monday.
"Given the lack of financing available to fund operational
renewable energy projects, it is an opportune time to invest in
projects that can provide stable returns to Masdar Capital and
DBJ," chief executive Sultan al Jaber said.
Masdar Capital and DBJ both plan to commit significant
capital to a platform that will target stable returns from
investing in renewable energy operating assets that use bankable
technologies, he said.
This platform will look to make minority equity investments
in operational assets, targeting assets managed by reputed
players in the renewable energy space, al Jaber said.
Initially, the platform will target onshore wind and solar
photo voltaic assets in countries with relatively low sovereign
risk. A pipeline of over 1 gigawatt of operational solar and
wind assets fitting the platform's mandate have already been
Masdar Capital, the investment arm of Masdar, has over $540
million invested across the Masdar Clean Tech Fund and DB Masdar
Clean Tech Fund, jointly managed with partners.
Masdar also said it was investing in solar power plants in
Afghanistan and Tonga as part of its international support
programme. Work has just begun in Tonga and on completion the
project will deliver 13 percent of the island's total power
needs, said al Jaber.
In war-torn Afghanistan, 600 homes in eight villages will be
provided solar power, he said.
(Writing by Andrew Hammond; Editing by Dan Lalor)