Masdar and European Investment Bank Working Together to Accelerate Renewable Energy Development in Middle East
- Release date: 20 January 2014
- Reference: 2014-012-EN
Framework agreement reached in Abu Dhabi to share expertise and fast-track clean energy investment
Masdar, Abu Dhabi’s renewable energy company, today announced plans to collaborate with the European Investment Bank (EIB) – the financial arm of the European Union – to accelerate the development of clean energy projects in parts of the Middle East and North Africa. The framework agreement, signed during Abu Dhabi Sustainability Week, allows Masdar and EIB to jointly identify investment opportunities to develop and finance renewable energy projects.
“This agreement underscores the critical importance of international collaboration and the shared responsibility to accelerate the growth of renewable energy in the region,” said Dr. Sultan Ahmed Al Jaber, UAE minister of state and CEO of Masdar.
“Masdar has strong ties with Europe and a successful track record in developing large-scale, clean-energy projects,” added Dr. Al Jaber. “We look forward to working with the European Investment Bank to expand our portfolio of projects and advance renewable energy adoption in key Middle East and North African markets.”
EIB Vice-President Philippe de Fontaine Vive said: “The European Investment Bank supports projects that make a significant contribution to economic growth, regional integration and environmental sustainability. This agreement will help to connect capital with project expertise in an effort to promote energy security. We look forward to working with a leading partner from the Gulf.”
EIB is one of the world’s largest energy lenders and over the last 5 years has provided more than EUR 70 billion for long-term energy investment. EIB energy lending follows both EU energy and climate change policy and national energy strategies to support investment in sustainable, secure and competitive energy across and outside Europe. Over the last few years, renewable energy and energy efficiency projects constitute approximately one half of the Bank’s climate action projects.
This partnership will contribute to better technical and financial resources for mature project preparation in renewable energy. Masdar’s interests are broadly aligned with EIB’s objectives and collaboration could potentially lead to synergies, in particular for project identification, evaluation and development. As part of the agreement, EIB and Masdar will also look for opportunities to develop human capital through a hands-on internship program.
Abu Dhabi Sustainability Week, January 18-25, is an annual platform to address the interconnected challenges impacting the widespread adoption of renewable energy and the acceleration of sustainable development. The platform includes a series of events: the fourth assembly of the International Renewable Energy Agency; the seventh World Future Energy Summit; the second International Water Summit; the first EcoWASTE exhibition; and the sixth Zayed Future Energy Prize Awards Ceremony.
The European Investment Bank (EIB) is the financial investment arm of the European Union (EU) and was created by the Treaty establishing the European Community. The role of the EIB is to finance investments consistent with EU policy objectives, take initiatives that complement the corresponding European Union assistance policies, programs and instruments in the different regions of the world, and continuously adapt its activities to developments in EU policies. EIB is managing the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), which aims at fostering private sector activities in Mediterranean Partner Countries, as a way to underpin growth and generate employment opportunities. Renewable energy and limiting climate change are top FEMIP priorities.
For more information about EIB, please visit: www.eib.org
Masdar is Abu Dhabi’s multi-faceted renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Backed by the Mubadala Development Company, the strategic investment company of the government of Abu Dhabi, Masdar is dedicated to the Emirate’s long-term vision for the future of energy.
Examples of international projects completed:
- The London Array is the world’s largest offshore wind farm, generating 630 MW of electricity in the United Kingdom.
- Shams 1 is a 100 MW concentrated solar power plant in the western region of Abu Dhabi, UAE.
- Gemasolar is a concentrated solar power plant in Spain, producing 20MW of electricity 24-hours a day through the use of innovative energy-storage technology.
- Valle 1 & Valle 2 are concentrated solar power plants in Spain, each producing 50MW of electricity.
- The Seychelles project is an 8-turbine, 6 MW wind farm that supplies 10 percent of Mahe Island’s installed capacity.
- The Tonga project is a 500 kw photovoltaic (PV) solar project on the island of Vava’u that generates enough power to offset as much as 70 percent of the island’s electricity demand during the middle of the day.
- The Afghanistan project supplies 600 residences with off-grid solar PV systems
- The Mauritania project is a 15 MW solar PV project in Nouakchott that delivers 10 percent of electricity capacity in Mauritania.
For more information about Masdar, please visit: www.masdar.ae
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