By Stanley Carvalho
Clean Tech fund part of Abu Dhabi government initiative for an oil free energy future.
Abu Dhabi government owned Masdar and Deutsche Bank have launched a $265 million clean technology and renewable energy fund, Deutsche Bank said in a statement on Monday.
The fund would invest in companies in power generation and storage, water, waste management and in companies developing technologies for energy efficiency, Deutsche Bank said.
Masdar is a government initiative aimed at preparing Abu Dhabi for an energy future beyond oil and natural gas.
Abu Dhabi, the capital of the UAE, holds most of the UAE's crude reserves and oil wealth. The UAE is the world's third largest exporter.
One of Masdar's early initiatives was to create another such fund, the $250 million Masdar Clean Tech Fund, which it set up in partnership with Credit Suisse, Consensus Business Group and Siemens in 2006. (Reuters)
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