Masdar has agreed to support the International Renewable Energy Agency’s (IRENA) Energy Transition Accelerator Financing (ETAF) Platform, which is targeting the deployment of 1.5 gigawatts of new renewable power in developing countries by 2030.
Francesco La Camera, Director-General of IRENA, signed agreements with Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD), and Masdar CEO Mohamed Jameel Al Ramahi at the Agency’s headquarters today. The agreement with ADFD formalises the fund’s anchor investment of US$400 million to the ETAF platform. The signing of the Letter of Intent with Masdar paves the way for renewable energy projects through technical advisories and equity investments.
“Masdar is proud to build on our already strong relationships with IRENA and ADFD by joining the ETAF platform, an important tool to help finance renewable energy projects in developing countries, and one that will leverage Masdar’s expertise as a global renewable energy powerhouse. Today’s agreement reinforces Masdar and the UAE's steadfast commitment to supporting the developing world in the energy transition” said Masdar CEO Mohamed Jameel Al Ramahi.
By joining the ETAF Platform, Masdar leverages its extensive expertise as an international renewable energy project developer and operator to increase bankability and attract investors to ETAF projects. Masdar will also provide a soft capital commitment to equity investment in projects until 2030.
“The financing development, business expertise and financial commitment of ADFD and Masdar to ETAF is a testament to the UAE’s strong commitment to supporting the global energy transition. It will enable IRENA to facilitate capital mobilization and significantly accelerate the energy transition in developing countries,” said Mr. La Camera. “With strong, committed partners, I’m certain that this platform will be transformative in the pursuit of a just, inclusive, and prosperous future.”
“Today's agreement reflects our commitment to our sustainability goals. The ETAF platform supports the strategic objective of the UAE to unite global efforts to address climate change through the promotion of renewable energy,” said ADFD Director-General Mohammed Saif Al Suwaid. "ADFD’s funding supports the objectives of the platform, as it attracts new investment, and provides innovative solutions and financing tools to promote renewable energy in developing countries.”