Masdar, China’s Silk Road Fund sign deal for renewable energy projects

Abu Dhabi Future Energy Company - Masdar and China’s Silk Road Fund (SRF) have signed a Memorandum of Understanding to explore potential co-investment opportunities in renewable energy projects in Belt and Road Initiative (BRI) countries, primarily in the developing world and global south.

The MoU was signed at COP29 by Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and the Silk Road Fund Chairwoman ZHU Jun.

Under the MoU, Masdar and Silk Road Fund will establish a strategic partnership to pursue co-investment opportunities in renewable energy projects developed, invested in or operated by Masdar.

Silk Road Fund plans to invest up to RMB 20 billion (equivalent to $2.8 billion) in projects alongside Masdar.

Masdar has significant investments in the Middle East, Central Asia, Southeast Asia and Africa, many of which are participants in the Belt and Road Initiative. The company will continue to invest in these regions as part of its strategy to reach 100GW of renewable energy capacity by 2030.
SRF’s renewable power portfolio totals more than 7GW in Belt and Road regions, including the Middle East, Africa, Southeast Asia and Latin America.

Commenting on the MoU, Al Ramahi said, "This collaboration between two companies with significant investments in renewable energy projects in emerging markets and the global south will provide a major impetus to efforts to advance the energy transition. We look forward to a successful and rewarding partnership with Silk Road Fund.”

Zhu Jun stated, "The UAE is a key Belt and Road Initiative participant and one of the most important investment and trading partners for China. The partnership between Silk Road Fund and Masdar is a strong testament to both parties’ commitment to the development of sustainable energy on a global scale, and will act as an enabler to help further strengthen investment collaboration between the two countries. ”

The BRI connects Asia, Europe, Africa and other parts of the world through a network of infrastructure and trade projects. It serves as a vital link to bolster economic, trade, and investment interactions among the participating countries and regions.

The UAE has been an active partner in the BRI since the initiative was launched and has already invested $10 billion in a joint China-UAE investment fund to support BRI projects in East Africa.
Meanwhile earlier Abu Dhabi Future Energy Company -Masdar, the UAE’s clean energy powerhouse, has signed a Power Purchase Agreement (PPA) with the Financial Settlement Centre for Renewable Energy Sources Support for its 1GW wind farm in the Jambyl region of Kazakhstan.

The signing took place on the sidelines of COP29 in Baku and was witnessed by Sungat Yessimkhanov, Vice Minister of Energy of Kazakhstan and Sharif Al Olama, Under-Secretary for Energy & Petroleum Affairs, Ministry of Energy and Infrastructure of the United Arab Emirates.
The agreement was signed by Abdulla Zayed, Director, Business and Project Development of Masdar and Gulzhan Nalibayeva, General Director of the Financial Settlement Centre for Renewable Energy Sources Support.

It comes just days after Masdar signed the Investment Agreement for the project with the Ministry of Energy of Kazakhstan, which is set to be one of the largest wind farms in the Commonwealth of Independent States (CIS) region.

Mohamed Jameel Al Ramahi, CEO of Masdar, said, “This agreement demonstrates Masdar’s long-term commitment to supporting Kazakhstan in achieving its ambitious clean energy goals.”
“We are heavily invested in Central Asia with partnerships in a number of countries. This project is a major addition to our portfolio and plays an important role in ensuring we meet our target of 100GW of renewable energy capacity by 2030.”

“We look forward to working with Kazakhstan to develop its renewable energy capacity and advance its energy transition.”

Gulzhan Nalibayeva, General Director of the Financial Settlement Centre for Renewable Energy Sources Support LLP, said, “This agreement is an integral part of the Investment Agreement signed between the Ministry of Energy of Kazakhstan and Masdar.”

“It supports further advancements in our renewable infrastructure, contributing to a greener and more resilient economy.”

The wind farm is Masdar’s inaugural project in Kazakhstan, Central Asia’s largest economy.
It is located in the south of the country and features a 600-megawatt-hour (MWh) Battery Energy Storage System (BESS).

Masdar is the lead developer for the 1GW project, along with W Solar, Qazaq Green Power (a Samruk-Kazyna Group company), and the Kazakhstan Investment Development Fund.
Construction of the wind farm is expected to commence by Q1 2026.

When completed, it will provide power to approximately 300,000 homes in the south of Kazakhstan, avoiding 2 million tonnes of CO2e emissions per year.

Today’s announcement builds on a commitment the governments of the UAE and Kazakhstan made at COP28 to cooperate on developing Kazakhstan’s renewables sector.

The wind farm will support Kazakhstan’s ambitions to increase renewables capacity to 15 per cent of its energy supply by 2030 (and to 50 per cent by 2050) and achieve carbon neutrality by 2060.

Meanwhile Abu Dhabi Future Energy Company, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with SOCAR Green, a wholly-owned subsidiary of SOCAR dedicated to sustainable projects, and Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea.

The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.
The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of ACWA Power.

Under the agreement, the signing parties will follow a Corporation Roadmap to identify key development milestones they want to achieve in the development of offshore wind in the country.
Mohamed Jameel Al Ramahi, CEO of Masdar, said, “Azerbaijan is a key strategic partner for Masdar and the signing of this Memorandum of Understanding with our partners today paves the way to accelerate the scale of Azerbaijan’s clean energy vision. We are proud to expand our partnership with ACWA Power and SOCAR to further explore renewable energy projects in the region, especially the enormous offshore wind potential in the Caspian Sea.”

Marco Arcelli, Chief Executive Officer of ACWA Power, said, “We are excited to build on our collaboration with Masdar and SOCAR to advance clean energy globally. United by a shared vision for a sustainable, decarbonised future, this partnership supports Azerbaijan’s net-zero ambitions and sets a strong industry example.”

“With COP29 hosted by Azerbaijan, the country’s leadership in renewable energy, including offshore wind, will be pivotal in shaping the global sustainability agenda.”

Abu Dhabi Future Energy Company ± Masdar, the UAE’s clean energy powerhouse, has signed a Power Purchase Agreement (PPA) with the Financial Settlement Centre for Renewable Energy Sources Support for its 1GW wind farm in the Jambyl region of Kazakhstan.

The signing took place on the sidelines of COP29 in Baku and was witnessed by Sungat Yessimkhanov, Vice Minister of Energy of Kazakhstan and Sharif Al Olama, Under-Secretary for Energy & Petroleum Affairs, Ministry of Energy and Infrastructure of the United Arab Emirates.
The agreement was signed by Abdulla Zayed, Director, Business and Project Development of Masdar and Gulzhan Nalibayeva, General Director of the Financial Settlement Centre for Renewable Energy Sources Support.

It comes just days after Masdar signed the Investment Agreement for the project with the Ministry of Energy of Kazakhstan, which is set to be one of the largest wind farms in the Commonwealth of Independent States (CIS) region.

Mohamed Jameel Al Ramahi, CEO of Masdar, said, “This agreement demonstrates Masdar’s long-term commitment to supporting Kazakhstan in achieving its ambitious clean energy goals.”
“We are heavily invested in Central Asia with partnerships in a number of countries. This project is a major addition to our portfolio and plays an important role in ensuring we meet our target of 100GW of renewable energy capacity by 2030.”

“We look forward to working with Kazakhstan to develop its renewable energy capacity and advance its energy transition.”

Gulzhan Nalibayeva, General Director of the Financial Settlement Centre for Renewable Energy Sources Support LLP, said, “This agreement is an integral part of the Investment Agreement signed between the Ministry of Energy of Kazakhstan and Masdar.”

“It supports further advancements in our renewable infrastructure, contributing to a greener and more resilient economy.”

The wind farm is Masdar’s inaugural project in Kazakhstan, Central Asia’s largest economy.
It is located in the south of the country and features a 600-megawatt-hour (MWh) Battery Energy Storage System (BESS).

Masdar is the lead developer for the 1GW project, along with W Solar, Qazaq Green Power (a Samruk-Kazyna Group company), and the Kazakhstan Investment Development Fund.
Construction of the wind farm is expected to commence by Q1 2026.

When completed, it will provide power to approximately 300,000 homes in the south of Kazakhstan, avoiding 2 million tonnes of CO2e emissions per year.

Today’s announcement builds on a commitment the governments of the UAE and Kazakhstan made at COP28 to cooperate on developing Kazakhstan’s renewables sector.

The wind farm will support Kazakhstan’s ambitions to increase renewables capacity to 15 per cent of its energy supply by 2030 (and to 50 per cent by 2050) and achieve carbon neutrality by 2060.