By Osamu Tsukimori
Abu Dhabi company set to link up with SBI Holdings to stimulate clean energy start-ups.
Abu Dhabi's Masdar, a clean energy venture, and Japan's SBI Holdings Inc may invest up to $300 million in Japanese alternative energy start-ups through a joint investment fund, SBI said on Friday.
Masdar's investment vehicle, the Masdar Clean Tech Fund, and SBI have agreed to each put up $10 million to create a first fund to invest in firms involved in solar, wind and other alternative energy, SBI officials said.
Each firm would receive around $2 million.
The Japanese financial services firm and Masdar are in talks to boost investment to around $200 million to $300 million, after the first $20 million fund has used up its capital, they said.
Masdar has been set up by the Abu Dhabi government to develop sustainable and clean energy. It aims to ensure a leading role in future energy industries for Abu Dhabi, holder of 90 percent of the UAE's oil reserves.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.