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The Abu Dhabi Future Energy Company, also known as Masdar, and China’s Silk Road Fund have signed a memorandum of understanding (MoU) to explore joint investment opportunities in renewable energy projects. The agreement, formalized at the United Nations climate conference COP29 in Baku, Azerbaijan, in November 2024, focuses on countries in the developing world and the global south, particularly those participating in China’s Belt and Road Initiative (BRI).
The MoU was signed by Masdar CEO Mohamed Jameel Al Ramahi and Silk Road Fund chairwoman Zhu Jun, marking the start of a strategic partnership. Al Ramahi emphasized the significance of this collaboration, saying, “This partnership between two organizations with significant investments in renewable energy projects in emerging markets will provide a major boost to global efforts to advance the energy transition. We are eager to work with Silk Road Fund and build a successful and fruitful relationship.”
Under the terms of the MoU, Silk Road Fund plans to invest up to 20 billion yuan ($2.8 billion) in renewable energy projects alongside Masdar, particularly those developed, invested in, or operated by Masdar. Masdar’s portfolio includes projects across the Middle East, Central Asia, Southeast Asia, and Africa, many of which align with the goals of the BRI. The company is aiming to expand its renewable energy capacity to 100GW by 2030.
Silk Road Fund’s renewable energy portfolio currently exceeds 7GW in BRI regions, including the Middle East, Africa, Southeast Asia, and Latin America. The fund works with strategic and financial partners to support the United Nations’ sustainable development goals.
Zhu Jun noted, “The UAE is a key participant in the BRI and one of China’s most important investment and trade partners. The partnership between Silk Road Fund and Masdar is a clear reflection of our shared commitment to global sustainable energy development and will strengthen investment collaboration between our two countries. We look forward to working together and with other partners to build the ‘Green Silk Road’ in the coming decades.”
The BRI fosters economic and investment connections across Asia, Europe, Africa, and beyond through infrastructure and trade initiatives. The UAE has been a key partner in the BRI, having invested $10 billion in a joint China-UAE fund for BRI projects in East Africa.
