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Wed 11 Nov 2009 06:05 AM

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Japanese bank in talks to fund Masdar energy projects

Japanese Bank for International Cooperation running financing study.

Japanese Bank for International Coooperation is in talks to finance renewable energy projects in a new $15 billion carbon-neutral city in Abu Dhabi, a company executive has said.

"We are currently running a feasibility study for financing Masdar's renewable energy projects," Moriyuki Aida, the bank's chief representative in Dubai told Reuters.

Masdar was set up by the Abu Dhabi government in the United Arab Emirates to develop sustainable and clean energy.

It aims to put the emirate of Abu Dhabi, holder of 90 percent of the UAE's oil reserves, at the forefront of the future energy industry.

Speaking on the sidelines of a conference organised by MEED, Aida said projects under discussion included solar and wind.

Masdar is investing $15 billion to build the world's first carbon-neutral, zero waste city and is developing various alternative energy projects.

Abu Dhabi is the capital of the United Arab Emirates, the world's third-largest oil exporter, and has been spending billions of dollars developing its infrastructure as it looks to diversify its economy away from hydrocarbons. (Reuters)

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