Abu Dhabi-based renewable energy firm Masdar has signed framework agreement with the European Investment Bank (EIB) to work together on speeding up the development of clean energy projects in parts of the Middle East and North Africa.
Under the agreement, both the firms will be involved in identifying the investment opportunities to build and finance renewable energy projects.
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The partnership will allow EIB and Masdar to use their technical and financial resources for mature project preparation in renewable energy.
The agreement is said to be helpful in project identification, evaluation and development.
Both the firms will also find opportunities to develop human capital through a hands-on internship programme.
Masdar CEO Sultan Ahmed Al Jaber said the partnership agreement shows the critical importance of international collaboration and the shared responsibility to speed up the development of renewable energy in the region.
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By GlobalData"Masdar has strong ties with Europe and a successful track record in developing large-scale, clean-energy projects," Al Jaber added.
"We look forward to working with the European Investment Bank to expand our portfolio of projects and advance renewable energy adoption in key Middle East and North African markets."
EIB vice president Philippe de Fontaine Vive said the bank provides assistance to projects that support economic growth, regional integration and environmental sustainability.
"This agreement will help to connect capital with project expertise in an effort to promote energy security," Vive added.
