Masdar and China’s Silk Road Fund (SRF) have signed a Memorandum of Understanding (MoU) 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 USD 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 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. SRF honors its sustainablility philosophy by working with top-notch strategic and financial partners to help realize the United Nation’s vision of sustainable development.

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.