Masdar plans to invest up to NZD 1 billion in New Zealand renewable energy projects
The partnership with Invest New Zealand will explore co-investment opportunities with local companies and Māori businesses
The planned investment supports Masdar’s target to expand its global clean energy portfolio from over 65 GW to 100 GW by 2030
Abu Dhabi Future Energy Company Masdar is expanding its renewable energy footprint in the Asia Pacific region with plans to invest up to NZD 1 billion in renewable energy in New Zealand.
Under a memorandum of understanding (MoU) signed with Invest New Zealand, the country’s investment promotion agency, the duo will identify and advance solar, wind, and battery energy storage projects. The partnership will also be open for co-investment with local companies and Māori businesses.
The MoU builds on the New Zealand-UAE Comprehensive Economic Partnership Agreement (CEPA), says Invest New Zealand. The country’s Trade and Investment Minister Todd McClay said, “This MoU turns that (CEPA) into something practical. It connects Masdar’s capital and know-how with renewable energy projects here in New Zealand.”
New Zealand targets a doubling of its renewable electricity generation capacity by 2040. The country considers renewable energy as a priority investment sector.
The duo will now set up a steering committee and project team to plan a work program and a pipeline of opportunities.
Masdar said the planned investment supports its goal of expanding its global clean energy portfolio to 100 GW by 2030, from more than 65 GW currently across four continents.
Recently, the Abu Dhabi company issued its first blue bond, raising $600 million under its $6 billion Global Medium Term Note Programme, which it will allocate to maritime renewable energy projects, including offshore wind.
