Working with a consortium of US private investors, the projects will come to life before 2035.
The UAE has consistently been working towards backing clean and renewable energy projects both within the country and abroad.
As part of their sustained efforts, Masdar will now collaborate with a consortium of US private investors to develop 15 gigawatts of clean and renewable energy projects in the US before 2035!
And this is just part of the first wave of the UAE-US PACE financing for Renewable Energy Projects.
Sparing no expense, the countries have announced a USD 20 billion allocation to the project, part of their USD 100 billion clean energy partnership. This first wave of investments under PACE will be financed through USD 7 billion in cash equity from the private sector which will catalyze USD 13 billion through US debt financing and other instruments.
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Announced during Abu Dhabi’s Sustainability Week, the partnership will cover a wide range of proven and emerging technology, including private and public sector support, and reach broadly into developed and developing economies.
Through Masdar, the UAE has already backed 10 clean energy projects totalling more than 1.75 GW across California, Texas, New Mexico and Nebraska.
As part of the UAE’s aim to achieve net-zero emissions by 2050, they will be investing AED 600 billion (USD 163.5 billion) in clean and renewable energy projects over the next three decades.
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