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Abu Dhabi's Masdar has announced that it has signed a memorandum of understanding (MoU) with the International Finance Corporation (IFC) for collaboration on the development of clean energy projects
The agreement will see the parties co-operate 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$1.5bn using financial products tailored to projects that Masdar could develop.
Masdar CEO Sultan Ahmed Al Jaber said, “More than 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.
“This MoU couples our utility-scale clean energy development expertise with our energy access work and fits perfectly with our strategic direction. We look forward to working with the IFC to advance renewable energy and novel cleantech projects wherever they have the greatest social, environmental and economic impact,” he added.