Abu Dhabi's Masdar set to invest $290m by 2014

State-backed green energy firm expects to pick new multimillion-dollar projects this week
Abu Dhabi's Masdar set to invest $290m by 2014
Masdar is the state-backed renewable energy initiative of Abu Dhabi
By Staff writer
Wed 13 Jul 2011 04:34 PM

Abu Dhabi green energy firm Masdar expects to invest $290m in
clean tech projects around the world by 2014, a senior company official said on
Wednesday.

Masdar invested the first $60m of the DB Masdar Clean Tech
Fund - set up with Deutsche Bank - in China and expects to pick its next
projects in the next few days.

"We are making a second investment this week. It could
be between $15 to $40m," Alex O'Cinneide, general manager of Masdar
Capital, told reporters.

"Four years from now, we could see the fund fully
invested. The market is improving, we are seeing real interest with a lot of
deals in the pipeline," he said.

He declined to give details of specific investments but said
Masdar aimed to invest 30 percent in North America, 30 percent in Europe and
the rest in Asia.

Masdar is the renewable energy initiative of Abu Dhabi, the
world's third largest oil exporter with plans to make seven percent of its
electricity from renewables by 2020.

Masdar's first $250m clean tech fund launched in 2006 in partnership
with Credit Suisse.

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