UAE clean energy company Masdar and China's Silk Road Fund (SRF) have signed a Memorandum of Understanding (MoU) to explore co-investment opportunities in renewable energy projects across Belt and Road Initiative (BRI) nations, primarily in developing regions.
The agreement, signed during COP29 by Masdar CEO Mohamed Jameel Al Ramahi and SRF Chairwoman Zhu Jun, establishes a strategic partnership to target renewable energy schemes that Masdar has developed, invested in, or operates. SRF has committed up to RMB 20 billion (USD 2.8 billion) to co-invest with Masdar in these ventures.
Masdar's renewable energy portfolio spans key BRI regions, including the Middle East, Central Asia, Southeast Asia, and Africa, aligning with its goal of reaching 100 GW of clean energy capacity by 2030. Meanwhile, SRF boasts over 7 GW of renewable energy investments in BRI regions, including Latin America, reflecting its commitment to sustainable development as part of the UN's vision.
Masdar CEO Mohamed Jameel Al Ramahi highlighted the partnership's significance:
“This collaboration between two companies with significant investments in renewable energy projects in emerging markets and the global south will provide a major impetus to efforts to advance the energy transition. We look forward to a successful and rewarding partnership with Silk Road Fund.”
Zhu Jun, SRF Chairwoman, emphasized the UAE's strategic role within the BRI:
“The UAE is a key Belt and Road Initiative participant and one of the most important investment and trading partners for China. The partnership between Silk Road Fund and Masdar is a strong testament to both parties' commitment to the development of sustainable energy on a global scale and will act as an enabler to help further strengthen investment collaboration between the two countries. We look forward to working with Masdar as well as other partners to jointly build ‘the Green Silk Road' in the decades to come.”
The partnership builds on shared goals to expand renewable energy deployment globally, particularly in regions that require accelerated investment in clean energy solutions.
